If you would like to have control of the management of the building in which your flat is located, cease paying ground rent and grant yourselves new 999 year leases you can exercise your rights under the Leasehold Reform Housing and Urban Development Act 1993 to purchase the freehold collectively with the other leaseholders, provided a sufficient number of you participate.
You may be able to agree your own terms with the freeholder but it is almost always recommended to serve statutory notice of this right because until you have done that the freeholder has no obligation to sell to you and would usually not have any incentive to do so. Serving the notice means that the transaction must complete within strict statutory time limits.
We have extensive experience in acting for freehold landlords. If you own the freehold of a property which is subject to long leases and you are considering selling the property or have received notice from the leaseholder(s) of their right to purchase the freehold, we will be able to guide you through the process and advise you of your rights and obligations which are essential for a freeholder to know when entering in these negotiations.
Please do contact us for a quote for the legal work to exercise your right to purchase the freehold. Our fees will not include disbursements. The disbursements are likely to be around £200 to incorporate a company, £6 per flat for copies of the land registers, £6 to obtain copies of the freehold land registers, £3 land registry search fee and a £40 land registration fee to register the transfer.