Freehold Enfranchisement

[BigJonMcQuimm]

Hi

Any experts in?

Have to make a decision on our property - but have an uneasy feeling.

The offer price - for the blocks is 3.5 mill. The valuers back in 2007 said 4.28.

The property has gone up since 2007.

So - if I wish to go for the freehold - it will cost me between 25 - 32k - before fees etc.

What I do not like - is that if I sign up - I could be signing an unlimited cheque - based on the final negotiation cost!

- What are the typical exit fees?

- Is it normal not to have a upper and lower limit - in which the residents can decide?

- We are already under the 75 years of lease left - so it will cost to extend lease at some point.

- There are 3 blocks involved..... Each block is applying individually - as such the current holding company may have to be split - if one or two blocks decline. Surely this is ludicrous position to willingly enter? Can I put a condition on saying yes - with regards to all 3 blocks proceeding?

- Have I missed anything I need to consider?

thanks

Edited by BigJonMcQuimm on Wednesday 15th June 15:54

Edited by BigJonMcQuimm on Wednesday 15th June 15:55

[silverthorn2151]

Whilst there are experts on all sort of stuff at PH, and advice is freely given in good spirit, please please please get specialist advice on this from a local expert.

Leasehold enfranchisement is a very specialist area of property valuation and whilst the bones of any circumstances will allow a guide, there are many more elements that can affect things.

You can be talking large sums of money and a few hundred on some advice is well spent in my view. The RICS can put you in touch with the appropriate person in your area.