First, check that you and your property are eligible for lease extension or enfranchisement. This web site has some informal eligibility guides for lease extension, house enfranchisement and collective (block of flats) enfranchisement, but please call us if you’d like help with the labyrinth of conditions!
Once you have established eligibility, there is still a lot to do:
- Choosing and instructing professional advisers: usually a solicitor, who will prepare the necessary notices and gather the relevant information, and a valuer, who will gather relevant evidence, calculate the valuation, and negotiate with the landlord on your behalf
- Calculating the premium or purchase price (the valuation range)
And if you are seeking Collective Enfranchisement as a group of leaseholders in a block of flats, you will also need to:
- Calculate the likely cost to each participating tenant of their share of the premium
- Establish how to finance this cost
- Form a joint vehicle – normally a Right to Enfranchise (RTE) company, or a trust – that you will use to buy the freehold and regulate the relationship between yourselves.