Buying your freehold is an alternative to individually extending your own lease on your particular flat. The provisions of the Leasehold Reform Housing and Urban Development Act 1993 provides leaseholders with a statutory right to compulsory acquire the freehold interest, once the freehold has been acquired leaseholders have the ability to extend their leases for any period they wish and this is usually 999 years (a virtual freehold). Purchase of the freehold of the block can be achieved by mutual agreement once valuations have been obtained by the parties, however probably more frequently than in the case with lease extensions the lessees pursue the freehold interest under the statutory provisions. The various requirements and procedure is quite complex but summarised under the Statutory Process tab above.
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