Enfranchisement and Initial Notices
Enfranchisement and Initial Notices
The Initial Notice is the start of the enfranchisement process. The document sets out what offer the leasehold is making and therefore lays the foundations for the whole procedure.It should also be noted that if the Initial Notice is accepted by the landlord then it becomes legally binding. It is crucial for the Inital Notice to be as accurate as possible as this is grounding for the whole enfranchisement process.Essentially if the Initial Notice does not contain enough information or contains errors then it is unlikely your enfranchisement process will get off the ground. However if you get it spot on, an Initial Notice will ensure your enfranchisement process will reach a swift conclusion.For a start it is important to observe that the Initial Notice has to be signed by each of the participating tenants in order to ensure that the correct 'freehold purchase' procedures are adhered to from the start. Sometimes people assume that if there are joint tenants then only one needs to sign, but in fact, to ensure that the collective enfranchisement is being done properly, both joint tenants need to sign.You should also know that an Initial Notice during a freehold purchase also cannot be signed by an agent. It must be signed by the leaseholders as individuals. Nor can an agent sign on behalf of a tenant. It is important to demonstrate during the collective enfranchisement process that each tenant is fully aware and understands their actions. It is therefore not appropriate to have tenants signing a blank sheet of paper; they have to be seen to sign something that indicates exactly what the terms of the offer are. The Initial Notice should contain an offer for the freeholder and information about what anticipated losses you expect for him/her. The initial offer should be carefully calculated using the opinion of a specialist surveyor. The Initial Notice is composed by the leaseholders and their solicitor, whom will then serve it on the landlord's legal representation and the enfranchisement process has begun. Thus the Initial Notice is a critical part of the route to enfranchisement and it needs to be carefully drafted and issued as soon as possible, so that it can really launch enfranchisement and enable all participating tenants to complete their freehold purchase. Time to Spring Clean Your Car Spring Cleaning for the Lawn Time for Spring Cleaning Art and Architecture - Best Reasons To Visit Paris Spring is in the Air and so is the Pollen Luxury Golf Communities Abound For Arizona Retirees Arizona Remains A Draw For Active Adult Retirees Erase Your Wrinkles In Time For Spring Tips to Plan Your Colca Canyon Trip Kingsdown Sticking to the Traditional Spring Mattresses Isn't Bad at All Mahalo Ukulele - Reviews, Ratings and Comparisons Gadhafi Supporters Rally Amid Rubble At Tripoli Base Travel To India: How much Is Sufficient?