I know, speak to a solicitor . We will, but I was trying to get an idea in advance of how you structure a purchase of the freehold by multiple leaseholders.
In our case, we have a conversion flat. The Freehold will be sold to the individual flat leaseholders (or at least, we’ll be the ones coughing up the money - it may be that a company does the actual purchasing).
This is not a collective enfranchisement situation, in that it’s not a sale forced or even initiated by the leaseholders. The freeholder wants to be rid of his properties and has suggested a price that is perfectly fair.
So, how do you structure the deal? I believe that the collective enfranchisement route has the freehold being purchased by a company, so that’s option (1). Option (2) would be to buy the freeholds individually, but that seems a really bad idea from a collective responsibilities point of view (i.e. you can’t enforce payment of the building’s insurance).
Is there an option (3)? Some sort of partnership in perpetuity between the 3 owners that is passed on with title to the individual properties.