Sunday, June 22, 2008

How to purchase the leasehold?

Last week, my hubby's uncle dropped by with his wife for dinner. Hubby chatted with them together with my in-laws. I dont like to make small talk and went back to my room. I'd rather play with my kids instead of having a boring conversation with them. They were around for quite a long time. After they left, my hubby and his parent were still discussing what his uncle told them. From what i heard, they used to live in a big house but now, wanted to move to an apartment. The thing is, the place is a leasehold. It is located in a very nice neighborhood and near amenities. For old folks, it's a very convenient place to stay. Everywhere is within walking distance and they dont even need to drive anywhere unless they want to head to town.

Hubby's uncle told them they want to find out how to Purchase the freehold. A friend of his told him he can get a company to help them out and tell them if the apartment qualifies for collective enfranchisement or not. They can also provide them with an estimate of how much it may cost to buy the freehold and form a property management company to negotiate with the freeholder on their behalf. Part of their services includes drafting all legal notices and making all necessary applications to the Leasehold Valuation tribunal and also the county court, lease interpretation and lots more. Here's the the full list of services if you are interested to know. Doesnt it sounds like a lot of work? But if the company can handle all these for them, i'm sure they will want to buy the apartment.

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