Buying freehold for a flat, anyone done this?

[philcray]

I have a flat in London, part of a small conversion of 4 apartments in Chalk Farm. This was done about 4 years ago and, shortly after, the leasehold was sold on for £20k. I have good contact with the other 3 owners and, with hindsight, we should have bought the freehold ourselves.

There is no particular problem with the freeholder however, having a share of freehold, would I understand remove Ground Rent and potentially reduce service charges (i do not mind keeping on a management company as I have seen some "share of freehold" flats where the communal building has just been left to ruin). Owning the freehold may also be beneficial if we sell the flat in the future.

I understand that we can "force" them to sell the freehold to us so long as 2 or more flats are on side and the lease is greater than a certain number of years (currently it is about 120 years) - has anybody else done this, any idea on costs, difficulties etc. The Ground Rent is currently £250 and I believe that the value of the lease is calculated based on this?.

Any thoughts or experience appreciated.