Will Your Landlord Agree to a Freehold Purchase?
Thanks to the Leasehold Reform Housing and Urban Development Act 1993, it is now possible for flat owners to consider buying the freehold to their flats if they currently own it under a leasehold agreement.
But one of the most common questions that arise under this situation is the landlord. They own the freehold to the flats at present, so do they have a right to object if you decide you will go for the freehold purchase?
Freehold purchase can be tricky to negotiate, which is why most people elect to go through the process with the help of a solicitor. It is wise to make sure that a solicitor is experienced in the area of freehold purchase, since there are specific rules, regulations and time limits on applying. The first step in the process of buying the freehold will be the legal notice, served by your solicitor - which lets the landlord know you want to buy your freehold.
The basic thing to remember is this. The landlord can only object to your intention if he or she has a valid reason in the eyes of the law to do so. If this should be the case they will send a notice back which is deemed to be hostile. On the other hand the landlord may accept your offer. This is called a friendly notice. In either case the landlord has just twenty eight days to respond to your initial offer.
In either case both parties will then need to negotiate to reach an agreed price for the purchase. Depending on the wishes of both parties this can take anything from a few days to a few months. This period of time is one of the reasons why hiring a professional solicitor is advisable. It can take a lot of the pressure off you and ensure that everything is done as and when it should be.
As you can see unless there is a legal reason for your landlord to object against the sale of the freehold, there is every chance that you will be able to go through the process successfully. If in doubt about which your landlord's objections are legitimate or not, consult a specialist solicitor and go from there. Your landlord may be perfectly civil, but it is good to be prepared. It means you have the best possible attitude to getting the ball rolling on buying the freehold.
About the Author
If you need a Solicitor when buying freehold property [http://freehold-purchase.co.uk/buying_freehold.aspx ] then contact Bonallack & Bishop Solicitors. They are a firm specialising in freehold purchase. Senior Partner Tim Bishop sees himself as a businessman who owns a law firm.
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