If you want to buy your freehold, this article will explain the process and list the key terms you need. You can ask your landlord to sell you the freehold at any time and you may qualify for the right to buy it.

Owners wishing to sell freehold will normally have to offer the owners of the leased flat a right of first refusal, which means the first opportunity to buy it.

The grant of rental rights is the exercise of this right to purchase freehold. You will need the support of 50% of the tenants for the landlord to sell you the property. The entire building must be purchased, rather than just your apartment, so you need this support and the cost of buying freehold will be divided among all participants.

But why would you bother buying freehold? What are the key benefits? Firstly, you should have more control over the management of your building, plus a zero premium lease extension can be granted and your flat will be more attractive to buyers if it is part freehold.

Doesn’t all this involve a lot of work and trouble? It’s a process and the first step is to consult a specialist surveyor for valuation advice to see if your building qualifies for group listing. You then need to determine how the costs will be divided among the participating tenants, for which you need a legally binding participation agreement. A Buyer in Trust is the person designated to purchase the property on behalf of the tenants or, if there is a group of you, a Buyer in Trust Society may be formed for the same purpose.

You will then need to serve a Section 13 Notice of Claim to the landlord, who will then add a value to inspect the property before serving a counter notice. The Court of First Instance decides on any disputes and the contracts are signed. Appeals can be taken to the County Court if one of the parties fails to meet their obligations. The new owners can then extend their lease to 999 years.

This article provides an introductory guide to buying freehold, but in the event that you need a lawyer to manage the process on your behalf and handle all the resulting complications. Despite the potential complexities, the prospect of buying freehold is generally highly beneficial, significant, and exciting.