Buying the freehold
Leaseholders of flats may have the right to buy the freehold of the building if 66% of the properties in the building are leasehold as a group in certain situations. The sale would be for market value. The group of leaseholders can then decide for themselves how to manage their building. This is known as enfranchisement.
If 100% of the properties in the building are leasehold, leaseholders may be able to buy the freehold under rights granted in the lease. This would be cheaper than enfranchisement. For more information contact home ownership services on 020 8825 5583.
Extending the lease
You have the right to renew your lease at any point for a period of 90 years if you have owned the property for two years. The extension would be costed at the market value.