Lucy Barber quoted in the Daily Mail on buying a freehold
Head of Residential Property, Lucy Barber, has contributed to an article for the Daily Mail entitled 'Buying a Freehold?'.
In the article, Lucy outlines the key steps that leaseholders need to follow in order to complete a freehold transfer.
She highlights the two options available, utilising steps under the Leasehold Reform, Housing and Urban Development Act 1993 or enfranchisement under the Landlord and Tenant Act 1987.
The former option allows tenants to collectively join together and require the landlord to sell them the freehold, subject to the building satisfying the qualifying criteria under the 1993 Act
The latter option is used when a landlord wishes to sell the freehold of a building containing two or more residential flats and the building fulfils the criteria set out under the 1987 Act.
The landlord first has to serve a Section 5 notice upon all the residential tenants offering them the opportunity to purchase the freehold at a price outlined in the notice. The tenants can accept the notice provided that more than 50 per cent of the qualifying tenants all join together and accept the notice.
The full article can be read here.