If you own a leasehold property and wish to buy the freehold of the building (as a group of flat owners), this is known as collective enfranchisement
The 1993 Leasehold Reform Housing and Urban Development Act (as amended by the 1996 Housing Act and the Commonhold and Leasehold Reform Act 2002) gives to lessees the right to buy the freehold interest, so long as the building qualifies and at least 50% of the lessees are participating. The building must contain two or more flats; no more than 25% commercial floor area and be independently re-developable.
In order to extend the lease you will need to consult a legal adviser for the necessary notice to be served upon the freeholder; costs will be involved including payment of a premium to the freeholder.
For investor owners it may be possible to put costs against their Capital Gains Tax liability when it comes to disposing of the property.
We are RICS registered valuers and carry out Valuations for assessing the premium to be paid for acquiring a freehold under a Collective Enfranchisement.