The Positive Aspects of Collective Enfranchisement
Freehold purchase, leasehold/collective enfranchisement are all different terms for the same process. This process is an extremely positive move for many leaseholders. It is the procedure whereby a group of leaseholders collective buying the freehold interest from their landlord. There are many benefits to following this process of which the most obvious is that the leaseholders will be able to stop paying for their lease. However the benefits do go a lot deeper than this.
One of the first stages of collective enfranchisement is that the leaseholders must get together as a group and learn what each other wishes to achieve out of the situation. If people are open and honest about their aims and ideas then it will help the whole project progress quicker and will award it a nice community feel. These relationships are really important when it comes to the success of a freehold purchase.
Collective enfranchisement is not a quick process. In fact it can take some time for the freehold purchase to be entirely completed. In light of this a large amount of good feeling and trust is important when starting the process. You must be able to feel safe in the knowledge that each leaseholder has the finances and the commitment to see the project through to the end. Where you have successful mutual interest and financial support the end results can be great. It will mean that you all live in a building owned by yourselves and a real sense of respect and community spirit will arise out of it.
Another plus point of collective enfranchisement is when your property requires maintenance. The collective will act faster than a landlord and get a better deal for the work to be done because it is in their interest to do so. As well as this it is likely that one resident might know someone with a certain skill set, which can then get you a good deal on the work. You will no longer have to wait around for your landlord.
One major additional positive to collective enfranchisement for everyone involved is that it can seriously increase the value of your property and most certainly improve the salability. Prospective buyers are much more interested in a flat which they gain a share in the overall building rather than it being owned by a landlord. You also have to ability to lengthen your own lease, which is a massive plus point for buyers.
Collective enfranchisement really does carry many benefits for the leaseholder of which, not all of these are apparent on the surface. If you are thinking about enfranchisement, then seek legal assistance to help get hold of some of these benefits today.
About the Author
Do you need collective enfranchisement solicitors (http://www.enfranchisementsolicitors.co.uk )? Bonallack & Bishop are specialists in advising on freehold purchase. 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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