What can I expect to happen after I enter informal negotiations?

Once an application has been received and the administration fee has been paid, within 3–5 working days Homeground will send you the price at which the freeholder would be willing to sell the freehold. This offer price is always inclusive of the freeholder’s fees and expenses and VAT (if applicable), in other words, there are no hidden extras.

Once you have received this offer price, you can:

Accept it
Make a counter-offer if you think the landlord’s offer price is too high – further counter-offers may be made until an agreement is reached.

Once agreement is reached between you and the freeholder then HomeGround will instruct the freeholder’s solicitors to formalise the matter. We may then need the contact details for your solicitor. While our clients do not require a leaseholder to appoint their own solicitor in order to complete the conveyancing stage of the transaction, if you have a mortgage, your mortgage provider may require you to appoint your own solicitor. We recommend that you contact your mortgage provider to check.

If you and the freeholder are unable to agree a price then you still have the right to buy your freehold by way of formal negotiations.