Funding Options for Your Freehold Purchase
Funding Options for Your Freehold Purchase
The very first option or the standard option for freehold purchase is simply a bank loan/mortgage. That is to say that you go to the bank or the building society and you request funding for the freehold purchase. However, you should not assume that this is the only option available to you. Another option to facilitate for your freehold purchase is that all the leaseholders club together and then a company is formed, so that the company buys the freehold, not individuals. Then you are able to raise funding through the company and this will mean that you can secure money at a preferential rate in terms of your repayments. So this is definitely a good option.Putting aside a set funding amount for the freehold purchase can be sensible. This is because the whole procedure of the freehold purchase can be a lengthy process. Exercising your legal right to purchase the freehold (or collective enfranchisement) is quite a difficult area of the law. So along the way, there will be times when costs arise and the sooner a collective fund is started the better. This should mean that the enfranchisement can be a problem-free process.Sometimes not all tenants wish to participate within the scheme, but so long as 66% of tenants are keen, then it can still go ahead. This does mean that those people whom are involved in the process will have costs to bare; there may be a case for outside investors to be attracted into the scheme. There is no guarantee that this will happen, but sometimes investment companies may be interested in making an offer and approaching them is certainly a good idea. In an ideal world the communication should be done during the early first stages of the whole process.Freehold purchase or collective enfranchisement can be funded by a not for profit co-operative being formed. This is slightly different from the formation of a company, since companies will ultimately seek to make some kind of profit, but a co-operative has a slightly different ethos and philosophy; however it does need a large amount of co-operation during the entire collective enfranchisement process.Thus there are different options available when it comes to exercising your freehold right to buy. Time and effort is needed to make sure all possible options are considered so that they best one is chosen for all people involved. It is important that adequate funding is in place and can flexible enough to deal with the enfranchisement process without unecessary delay being caused to the freehold purchase!
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