You may want more control over managing and maintaining the building which you live in.

Under the provisions of the Leasehold Reform, Housing and Urban Development Act 1993 ("the 1993 Act") qualifying tenants of flats have a right to buy their freehold on payment of a premium to the landlord. That right is known as "collective enfranchisement".

Following completion of the Freehold purchase, the leaseholders will have the ability to grant themselves very long leases, usually for 999 years, at a "peppercorn rent" (i.e. of no monetary value). However if the lease has less than 80 years to run, the cost of purchasing the freehold becomes considerably more expensive.

This is because the landlord is entitled to a 50 per cent share of the "marriage value".

In broad terms this means the difference in the value of the property before and after collective enfranchisement. Leases which have more than 80 years to run do not incur any payment for ‘marriage value’.

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