Individual enfranchisement is a phrase which describes how a qualifying tenant goes about acquiring the freehold lease of their property. This process affords the tenant security; however there are terms under the Leasehold Reform Act which must be followed before an individual enfranchisement can be ratified.
How do I go about the individual enfranchisement process?
Before making any decisions, it's important to seek legal advice. Oratto member lawyers can provide independent legal advice according to your circumstances. You can contact Oratto in whichever way suits you for fast, accurate advice. Just click on the icons above.
In some situations it is possible to secure the freehold simply through informal negotiations with the Landlord of the property. However the Leasehold Reform Act provides for a specific procedure to be followed and it is arguably better to follow this, as it affords security to both parties.
What else should I be aware of before I seek an individual enfranchisement?
As always with legal processes, there are some conditions which have to be satisfied. Your Oratto member lawyer will be able to guide you through these in detail, and ensure that you carry out the right actions for your individual circumstances.
How do I start the process?
Once you have sought experienced advice from your Oratto member solicitor, the next thing to be done is to have a valuation of the property carried out. It's generally a good idea to have three separate valuations completed so that you can compare them. The market value of the property will ultimately have a large impact on the price you pay. There are, however, other elements which must be taken into account, for example, the conditions set out in the original lease.
What happens if there is a dispute over the price?
If a dispute arises, then it's possible to go to a tribunal for leasehold valuations. Should this happen to you, your Oratto member lawyer will be able to handle the situation on your behalf.
Are there are any advantages of individual enfranchisement over collective enfranchisement?
It's commonly thought that when you approach a situation which is perhaps unfamiliar to you, that there will be safety in numbers. However when the process is an enfranchisement, this does not necessarily hold true. By going into it alone, you are securing autonomy over your side of the process; it is also likely to be a smoother transaction and also, probably, a quicker one. You will have only yourself to rely on and you will be able to advance the deal at your own pace. Multiple-person property deals can be difficult and draining; if you have a clear idea of what you want, then doing it alone has many advantages.
Contact an Oratto member lawyer today by phone, letter or email for advice and guidance on individual enfranchisements.
Whatever your situation, Oratto member lawyers can help you achieve what you want.