Buying the freehold of your building
As a leaseholder, you may have the right to buy the freehold of your building as part of a collective.
The following criteria must be met to qualify you to buy your building:
- there must be two or more properties in your building
- at least two thirds of the properties in your building must be leased, or in the case of buildings with only two properties, both must be leased
- at least half of the leaseholders in your building agree to buy the building as a collective
- no more than 25% of the internal floor space of the building, excluding communal areas, should be used or intended for non-residential use
For example, if you live in a building containing 12 properties, in order to qualify to buy the building, at least eight of the properties must be leased and at least six of the eight leaseholders must agree to buy the building as part of a collective.
Once a building has been purchased, the City of Wolverhampton Council and Wolverhampton Homes will no longer have any involvement in the management or maintenance of the building.
Buying the freehold of a building is a complicated process and we advise you to seek legal advice on the matter. If you would like to discuss whether buying your building is an option for you, please contact the Leasehold Management team.