subject: Typical Timetable for Enfranchisement [print this page] Typical Timetable for Enfranchisement Typical Timetable for Enfranchisement
It is difficult to provide an exact time for the enfranchisement process. This is because it depends on certain variable factors such as the size of the building and the amount of tenants involved. Enfranchisement will obviously take longer when dealing with a large building and numerous tenants.The more leaseholders that are present in a building, the greater the risk of their tenancies not complying, some may be abroad, some may be in hospital, away on business and so on which makes the whole process much lengthier. The problem with enfranchisement is that some work is done before the Initial Notice is given. For example, agreement hs to be reached between tenants, a company formed if that is going to be the way forward, the agreements drawn up (participation agreements), a solicitor has to be appointed to draw up the standard Notice and a surveyor will have to be appointed to ensure that the valuation is correct. This aspect of the procedure can take between 3 to 6 months; then the Inital Notice is given. This is not an overnight course of action; it can drag on! Other factors to consider are the professionals and individuals involved. Basically enfranchisement involves the freehold purchase by leaseholders. However, some leaseholders may be keener than others to purchase the freehold and it has to be said that some freeholders will be more in favour of leaseholders undertaking freehold purchase than others. Some freeholders view enfranchisement as a severe financial blow to their business and so will seek to maximise the return they achieve for the freehold. As a general rule, anyone undergoing the process of enfranchisement should be willing to think about the process taking two years. That is two years from the very start of the process (when leaseholders first start talking to each other about undertaking enfranchisement) through to the freehold purchase being completed. Some enfranchisement processes are completed within this two year period, however it is best to keep your estimates modest. If you bank on the fact that the enfranchisement process will be completed within a year, then you may well be disappointed. It takes time, but it is worth the time and effort in he long run, simply because of the control that freehold purchase can give to leaseholders.
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