Collective Enfranchisement in London and South East
What is Collective Enfranchisement Valuations
Providing Freehold Enfranchisement Valuations in London & The South East
Collective Enfranchisement gives the owners of flats in a building, or parts of a building, the right to form a collective and purchase the Freehold. Requiring at least 50% of Lessees to form the collective and that the building or property itself qualifies, Collective Enfranchisement is a complex procedure requiring correct Notice be served to the Freeholder.
At Taylor Chartered Surveyors we’re here to make that process easier. As RICS regulated Chartered Surveyors, we work alongside solicitors to value the Premium that must be paid to the Freeholder and to ensure that there are no holes through which the Freeholder could mount a strong defence against the purchase.
How Collective Enfranchisement Works
Guided by the Leasehold Reform Housing & Urban Development Act 1993, and amended by the 1996 Housing Act and the Commonhold and Leasehold Reform Act 2002, Collective Enfranchisement gives you and your fellow Leaseholders the legal right to collectively purchase the Freehold of your building.
Though the strictures are complex, there are some simple requirements that the building valuation must meet before Collective Enfranchisement is even considered. These are:
- The building must contain two or more flats.
- No more than 25% of the building can be commercial floor area.
- The Freeholder must not be a Charitable Housing Trust.
- The Tenant cannot have a business or commercial lease.
If you meet these requirements,
and to find out if you may be able to purchase the Freehold of your property as a Collective, speak to one of our specialist Chartered Surveyors today.
How We Conduct a Collective Enfranchisement Valuation
Once you have checked for eligibility, organised for Enfranchisement, and have chosen a Nominee Purchaser you will be ready to Select and Instruct your solicitors and Surveyors.
This is where we come in. Aside from providing general advice, our Collective Enfranchisement Valuation consists of:
- Providing best and worst case valuation advice in order to inform Leaseholders and Freeholders of how negotiations may pan out.
- Advising on how much should be offered to the Freeholder in the Initial Notice.
- Responding to the Freeholders’ Counter-Notice.
- Negotiating a price settlement on behalf of the Leaseholders or Freeholders in conjunction with the solicitors.
- Advising on the conditions of the building and any repairs that may need to be made.
- Advising on any maintenance costs and service charges that the Collective may have to pay.
- Advising on how best to manage the property.
Lease Extension
As your lease runs down it decreases in value dramatically, meaning that it can become increasingly expensive to extend when you want to. And when it comes to selling most lenders won’t mortgage leases of less than 70 years, making it much harder to sell too.
With our professional advice we can help you avoid such pitfalls and negotiate cost-effective lease extensions.
Probate & Tax Valuations
When it comes to a Valuation, whether a Matrimonial, Probate or Capital Gains Tax valuation, it is of paramount importance that you employ the help of an experienced Surveyor with local knowledge.
With the Valuation subject to close scrutiny by a Tax inspector, you need a Chartered Surveyor who understands the local market and will provide a flawless quote.
Help to Buy valuations
If you are looking to sell or remortgage a property for which you’ve had a Help to Buy loan, you are required by Target to get an RICS valuation, with the amount repayable in direct proportion to the current market value of your property.
At a fixed cost of £200, we are here to help you take those next steps up the property ladder.
Speak to one of our valuation experts today about how we can help you: