Prepare for Collective Enfranchisement
This article looks at the role of the nominee purchaser in collective enfranchisement
. The nominee purchaser is the person or company who is named on the initial notice for purchase and consequently becomes the new landlord. Normally the first step in collective enfranchisement is to decide who this important person or company will be.However, the nominee purchaser is normally a company formed by the tenants for this purpose; that way, it is not just one person who takes all the work on their shoulders; the tenants then become landlords. A specialist enfranchisement solicitor will be able to advise on this and help to produce the articles of association necessary for the process.Do we need a valuer? A valuer will be of great help to provide the enfranchising tenants with an idea of the final purchase price. To do this accurately is almost impossible, but in a collective enfranchisement process the valuer should be able to provide a best and worst figure. Bear in mind that figures will vary during the negotiation.At the beginning of the process it is also a good idea to establish what is called a 'fighting fund'. This covers the steps prior to the initial notice and will formalise loans, mortgages, etc. Don't forget at this 'figures stage' you will have to cover the landlord's costs too.What else do we need to know? Now is the right time to go away and collect all the relevant information you need. You will need to ensure that the initial notice is correct and valid and be able to respond to any challenges from the landlord.Is your property a severed or flying freehold? Well, it only means that the freehold interest is in different ownerships. This won't be an obstacle, but you will need to gather information for all the freeholders. In general you will need:- identity and address of all the freeholders- information about any intervening or headleases and the identity of involved lessees- the full details of all the tenants of the building and details of their leases- details of any flats in the control of the landlord and let on periodic tenancies.Details of this can be sought from the Landlord (due to rights under Landlord and Tenant legislation), from the Land Registry or by serving an information notice.Now you have adequate information in order to approach a specialised solcitor about using this right to enfranchise!Prepare for Collective Enfranchisement
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