Mary-Anne Bowring 02/09/2020
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What happens next when you buy your Freehold?
Once the process is completed and you are officially the freeholder, it's time to take stock of what a collective enfranchisement (freehold purchase) has gained you in terms of responsibility for the running and upkeep of your building. One of the most important points is the building's insurance.
The Landlord's insurance must now be organised by the Leaseholders collectively. In addition there is also a necessity for the occupants of the Block to arrange their own fire and general risk assessments as well as acting on the results to ensure the building is compliant with health and safety regulation. There is also the matter of granting licenses permissions and any other processes deemed part of the Landlord's responsibility under the Lease. These depend on the wording of the lease but can range from agreeing to the redecoration or rebuilding of private and common parts of the building, subletting authorisations or even granting licences to have a pet at the property! These tasks can quickly become onerous for a group of leaseholders (now freeholders), so they may find it appropriate to delegate the management of the property to a managing agent.
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Mary-Anne Bowring FTPI FRICS FARLA FCABE Founder/Head of Asset Management
Strategic partnerships, holistic delivery/ opportunities, growth, value engineering, thought leadership
Ian Barber MD BTR Mobilisation & Leasing
Runs HQ & site lease-up teams. Drives rent pricing, mobilisation, marketing, happy residents!
Jon Curtis MRICS Head of Building Engineering
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Anthony Kingdon MIRPM AssocRICS MD Blocks/FM Management (North Region)
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Chris Georgalis MRICS Head of Commercial Valuation
Chartered Valuer. Rental valuations: retail, leisure. IRR modelling and valuations for secured lending. Compulsory purchase & rent reviews
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Chartered Valuer. Rental development & mixed use valuations, IRR modelling. Leasehold enfranchisement specialist
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