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Freehold sales | CityWest Homes

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Freehold sales | CityWest Homes Skip to main content I am a tenant I am a leaseholder Search site Search Register MyCityWest Login News Events Pay ReportWieldFeedback Menu Breadcrumb Home I am a leaseholderWell-nighyour lease Freehold sales Freehold sales If you would like to collectively purchase the freehold of your woodcut there are two ways you can do this: the legal right (also known as statutory enfranchisement) the discretionary scheme (if you don’t qualify for the legal right). Legal right To qualify for the legal right, leaseholders and buildings need to meet the pursuit criteria: the towers must be self-contained, and have at least two flats in it at least two thirds of the flats in the towers must be sold at least half the number of flats in the towers must take part in the purchase where there are only two flats in the building, both leaseholders must participate no increasingly than 25% of the towers can be for non-residential use (for example, shops) if you or flipside leaseholder own increasingly than two flats in a building, you can't participate. If you want to collectively buy via the legal right, the participating leaseholders first need to serve us a procedural notice, usually through a solicitor. The procedural notice would include the price you all propose to pay for the freehold, which should be based on a professional valuation. If we stipulate that you have the right to buy the freehold, we will unify our own valuation of the freehold. Once the terms are agreed, the sale can proceed. We would take the leases on for any of the flats in the towers that have not been sold. You will have to pay our costs, plane if the sale does not go through. Currently, the financing you could be liable for, are as follows: Legal fee: £1,840 CWH Valuation fee: £350 CWH admin fees: £200 Plan fee: £102 If you do meet the whilom criteria you can wield to purchase under the Council’s discretionary scheme. Discretionary freehold purchase If you do not qualify for the legal right to buy the freehold considering less than two thirds of the flats in your towers have been sold, you may be worldly-wise to wield to buy the freehold under Westminster's discretionary freehold purchase scheme. The main differences in qualification are: at least half the flats in the towers must be sold all the leaseholders must stipulate to the sale (even if they do not want to take part in the purchase) the majority of tenants must stipulate to the sale where there are only two flats in the building, one leaseholder could wield to buy the steering must stipulate to the sale. The using process is variegated too as: you wield in writing to us, asking to buy the freehold. The using must be signed by all the leaseholders who want to take part in the purchase  we ask the tenants, and any leaseholders who do not want to take part in the purchase, for their views if unbearable people agree, we unify for the freehold to be valued, and send you an offer of sale. You will have to pay our costs, plane if the sale does not go through. Currently, the financing you could be liable for, are as follows: Legal fee: £1,840 CWH Valuation fee: £350 CWH admin fees: £200 Plan fee: £102 This is a discretionary scheme and it is unlikely that we will stipulate to sell the freehold if there are any factors which could complicate the sale. Advantages of ownership your freehold There are numerous benefits to ownership the freehold of your property, including: the worthiness to organise works to the towers yourselves the worthiness to proffer your own leases at low forfeit possible lower service charges an increase in the saleability, and possibly the value, of your homes. As a freehold owner your responsibilities include: managing the day-to-day running of the towers organising unstipulated maintenance arranging for major works to be carried out collecting service charges insuring the building. For remoter information well-nigh freehold sales, visit the Leasehold Advisory Services website (opens new window). 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