Appointing a Surveyor in Collective Enfranchisement
Collective enfranchisement, also known as freehold purchase, is a very worthwhile process, because it can help leaseholders to free themselves from having to pay freehold rent and also gives them a real sense of control. No longer are they subject to the vagaries of the freehold owner, but they can become the masters or mistresses of their own destiny, to a large extent. But like so many things with a positive outcome it is not an easy process; which is why leaseholders need specialist advice.
Often when leaseholders come together to talk about buying the freehold to their flats, there may be one leaseholder who knows a surveyor who asks the surveyor to come down and give an estimate as to how much the freehold may be worth. An experienced surveyor will know the complications of a freehold purchase as valuation is a difficult sum to come to. Therefore the freehold's valuation should be considered in detail rather than merely estimated. What this means is that their is more too it than market value.
A surveyor who specialises in collective enfranchisement will have all the necessary skills and experience to come up with a fair price to suggest to the freeholder. Once he had considered all the different variables he will give you a valuation. If the first offer is considered too low then the landlord can reject it outright. The initial rejection of an offer means that the whole process is delayed and the more delays the more the leaseholders have to pay for legal advice, other surveyors reports etc. Therefore everyone knows how important it is to have a good survey on side.
Expert surveyors whom often deal with freehold purchases will have the knowledge to understand the terms of the purchase and how the whole thing works. On the whole this can make the process move faster increasing the speed of the negotiations and getting the freehold to move quicker.
Due to this it is vital that leaseholders beginning their collective enfranchisement journey start by appointing a specialist surveyor, this person can then guide them through the process making it as pain free as possible!
About the Author
Bonallack & Bishop are specialist collective enfranchisement solicitors (http://www.enfranchisementsolicitors.co.uk ). For advice on freehold purchase contact them today. Senior Partner Tim Bishop is responsible for all major strategic decisions at the firm, which he has grown by 1000% in 13 years. Tim sees himself as a businessman who owns a law firm.
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