Although a building may be leased for purely commercial use, tenants may be entitled to acquire the freehold by enfranchisement. Whether a building which is currently being used for commercial use can be enfranchised will depend on the circumstances.
Usually, landlords who own commercial property do not have to be concerned about being forced to sell their properties, however, there have been a few recent cases which have shown it’s possible for tenants to force through a sale.
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What is Collective Enfranchisement?
Collective enfranchisement is the process by which the leaseholders in a building join together and buy the freehold. The legal process can seem complex, so it is always advised to seek professional advice from an experienced solicitor.
Essentially a group of leaseholders may have the right to acquire the freehold from the landlord where they satisfy qualifying criteria.
Enfranchisement of Commercial Property
Commercial tenants or developers may want to acquire the freehold as they seek to turn a property into residential flats or houses.
Each matter will be decided on its specific circumstances and commercial landlords should be aware of the possibility of enfranchisement when seeking to purchase any commercial property.
Both tenants and commercial landlords should speak to our commercial property team for further information.
For commercial landlords, it’s always advisable to draft strong leases from the outset which can cover the control of change of use of a property.
Contact our Commercial Property Solicitors
The right solicitor changes everything. Anglo Law Solicitors provides expert legal advice on residential property.
Speak directly to a commercial property solicitor now on 020 3753 4667 or Book Your Free Consultation here.
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