Living in a leased property cannot enable you to enjoy the ownership of the property even if you are living there for several years. Thus, you can get your lease term extended or apply for the freehold ownership of your property. In London, when you become eligible to apply for buying the freehold ownership of your property, you can get all the rights over the property. In this way, you completely get the ownership of that property. To buy the freehold, you should get the services of the collective enfranchisement expert in London for the collective enfranchisement valuation. It is a kind of valuation which helps in determining whether you are getting the freehold at the right price or not. You can find more information here.
Values included in the collective enfranchisement
The price payable for the collective enfranchisement includes freeholders share of the marriage value, compensation, income received from ground rents value of the freeholder’s interest and uplift in the leasehold value. The value which is gained when the freeholder and the leaseholder’s interest for the property come together is called as the marriage value. Compensation is offered to compensate the freeholder for the loss in the value of the property during the process of collective enfranchisement.
Benefits of taking services of the enfranchisement valuation by expert
When you get the services of the enfranchisement valuation services, it will help in negotiating on the price of the premiums with the freeholder. Valuation expert works on your behalf to negotiate with the landlord so that you can get the freehold at the best price.