Enfranchisement and Lease amendments?

by Readers Question

12:00 PM, 28th July 2020
About 10 months ago

Enfranchisement and Lease amendments?

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Enfranchisement and Lease amendments?

Value of Enfranchisement? I am a freeholder of a small block of flat (3 in total). I live on the first floor and there are two flats on the ground floor both rented out by the current leasehold owners. Leasehold owners have shown interest in purchasing their share of freehold.

One flat owner has 95 years left and the other flat owner has 121 years left on their respective leases.

The current market sale price is £200,000 and £220,000 respectively. The current ground rent is £150 and then going up in 2024 to £300 for each flat.

I occupy more than 50% of the property (because front gardens of the property belong to solely our flat) and the back garden is equally divided into 3 equal parts for 3 all flats. 6 Parking spaces – 1 per flat and 2 for the visitors and 1 emergency parking. Also, I pay 50% towards the building insurance costs, and they pay 25% each as their contribution and any excess is paid similarly. There are no service charges.

They intend to purchase the freehold in three equal parts i.e. 33.33% each, but my intension is to keep 50% of the share to myself and sell 25% each. Am I right in thinking the way I am thinking?

Frankly, I would not want to sell the freehold, but I understand that 2 flat owners want to purchase, and I can be pushed into a corner.

Please can someone advise what would be the freehold value I can offer to the respective leaseholders and any other advice/suggestions?

Lease Amendment specialist?
Since I have sole access to the loft and in the future, I want to add another floor on top of my flat. Last year my council has refused permission, but I think there may be a possibility in the future that I get permission. So, I would like to amend my flats lease to amend such restriction. So that no other leaseholder or future freeholder cannot object to such dwellings if we comply with all the regulations set out by local authorities. I need your help to explore this idea.

Can you please recommend a professional/s who can help me to deal with such queries?

Thank you

Mehar

Comments

Puzzler

22:13 PM, 2nd August 2020
About 9 months ago

How come you have the freehold? Did you buy it from the original builder?

Mehar Kashyap

7:41 AM, 3rd August 2020
About 9 months ago

I am the current freeholder.
With due respect, I am not sure how does it matter how did I acquire the freehold? Can you explain it before I reply?

Mehar Kashyap

7:42 AM, 3rd August 2020
About 9 months ago

Reply to the comment left by Puzzler at 02/08/2020 - 22:13
I am the current freeholder.
With due respect, I am not sure how does it matter how did I acquire the freehold? Can you explain it before I reply?

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