How long and how much it will cost to obtain the freehold to your property will depend on the response received by your Freeholder. To help you budget we set out below our guide prices for our fees. We have divided our fees to reflect the three incremental stages of the process. If the Freeholder is determined to resist then all three stages may be required, if the Freeholder is more content to grant the freehold then only stage one will be required.
Stage one – straight forward / undisputed
- Checking the eligibility of the proposed participants and identifying the competent landlord (the legal freeholder);
- Drafting the Participation Agreement for signature.
- Liaising with your valuer as to the premium to insert in the Notice and/or considering the valuer’s report;
- Preparation and service of the Notice;
- Providing evidence of the tenant’s right to participate;
- Receipt of the Counter-Notice.
Fee guide: £1,300 plus VAT and any charges / disbursements incurred to others. An additional fee of £25 plus VAT will be charged per participant.
Stage two – some negotiation required and preparing for tribunal
- Liaising with your valuer as to negotiations on terms of the acquisition;
- If following negotiations between valuers agreement cannot be reached on all terms of the acquisition, making the application to the tribunal.
Fee guide: £600 plus VAT.
Stage three – tribunal
- Dealing with the First Tier Tribunal directions including preparation of bundles, instructing Counsel and liaising with your valuer.
Fee guide £600 plus VAT and any charges / disbursements incurred to others. Conveyancing fees will also be payable for the transfer of the freehold.
There may be occasions where additional work is required, if this is needed we will agree with you an additional fee, that could be either an inclusive fee or undertaking work on a price per hour basis.Our current hourly rate is £240 plus VAT.
If you would like further advice please contact us.
Please telephone and speak to Shelley Goldberg for free on 0800 037 1625 or fill in the online form to request a call back and someone will ring you within 24 hours.
You can access any of our lawyers at any of our offices spread throughout Surrey, Hampshire and Greater London including Kingston upon Thames, Bordon, Cheam, Canary Wharf, Leatherhead, Raynes Park, Surbiton, Tolworth or Walton on Thames.