I want to sell my freehold
There is a formal legal process to follow when selling your freehold. We will work with you and your legal advisors to get you the best price possible.
Please contact our team to discuss a quotation tailored to your needs.
Do I qualify for selling my freehold?
You qualify, if:
- 50% or more of leaseholders are participating (if there are only two properties in a block, then both must participate)
- The original lease must be in excess of 21 years
- Charitable housing trusts, properties in a cathedral precinct, etc are exempt
- If Freeholder converted / has lived there before and after conversion / been there for past 12 months
- There cannot be more than 25% commercial use
- It cannot contain more than two plots
- More than two-thirds must be qualifying tenants
- Vertical division.
What is the process of selling a freehold?
- Instruct a solicitor to draw up a participation agreement.
- Instruct a surveyor to carry out a valuation.
- Instruct a solicitor to serve a Section 13 notice
- The freeholder has a maximum of 2 months to respond with a Section 21 notice.
- Instruct a surveyor to negotiate a fair and reasonable premium.
- If a premium is not agreed before 6 months has passed from the Section 13 Notice, this is the latest an application to the First Tier Tribunal can be made.
- Solicitors agree terms of the transfer of the freehold.
- Upon agreement of the terms, there is 4 months to complete the process.
NOTE: FULL ACT
Under the Leasehold Reform, Housing and Urban Development Act 1993 qualifying leaseholders are entitled to purchase the freehold as long as there are 50% or more qualifying tenants participating in the enfranchisement claim. The original lease must be in excess of 21 years.
To discuss the process in greater detail and receive a quote, contact one of our experts.
How much can I sell my freehold for?
Determining the value of your freehold is a nuanced process, influenced by a variety of critical factors. To ensure you secure the best possible price, obtaining a professional valuation is essential.
At Arnold & Baldwin, we pride ourselves on our transparency and approachability, guiding you through each factor that can significantly impact your freehold's market value.
Factors that can influence market value:
Market conditions
The dynamics of the property market play a pivotal role. In a thriving market, you might expect higher offers, whereas a slower market may temper these offers. We provide honest insights into current market trends to set realistic expectations.
Lease lengths
The length of existing leases can greatly influence the valuation. Properties with shorter leases may attract higher prices due to the potential for lucrative lease extensions.
Development potential
The possibility for development or modifications can enhance the attractiveness and, consequently, the value of your freehold. We can help you understand what could be feasible on your property.
Annual ground rents
The income derived from ground rents is a tangible asset that contributes to your freehold's overall value. Future possibilities for increasing these rents can also affect the valuation.
Location and property type
Property in sought-after locations or desirable property types generally commands premium prices. We can help pinpoint where your property stands in the competitive market.
Legal and structural complexities
Any legal or structural issues related to the property can detract from its value. Our expert team is here to navigate these complexities, ensuring they are clearly addressed and factored into the valuation.
Forewarned is forearmed.
Did you know we offer property surveys specifically designed for sellers like you? Learn how our SellSmart service can help you confidently sell your home faster and achieve the price you’re hoping for.
By partnering with our team of experienced surveyors, you gain access to comprehensive assessments that reflect all these aspects. This approach ensures you are thoroughly informed about the potential market value of your freehold.
For a tailored estimate and expert guidance through the selling process, please contact our team. We're here to discuss your specific situation and provide a personalised quotation, making the journey as clear and straightforward as possible.
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