If you are one of those people eligible to buy your freehold (also called collective enfranchisement or the right to enfranchise), you should act before you lease drops under 80 years - the same boundary as if you are going to extend. It is then that the value you will have to pay for the freehold increases and you will have to share any profit with your landlord.
When you know collective enfranchisement for your home or block of flats is for you, get an initial appraisal or enfranchisement valuation report from a surveyor. Find one who is experienced in enfranchisement work. This document will prepare the ground for future negotiations. If you encounter problems and you have to go to a Leasehold Valuation Tribunal, you can use the valuation report as evidence.
Do some of your own research first so that you are familiar with the criteria - this will help you not waste time and might even save you money.
Create a list of essential collective enfranchisement questions which need answers:
1) What is the name of your landlord and what are his contact details?
2) How best does he prefer to be contacted?
3) Are you disputing or in disagreement with any service charges or management issues?
4) Have you attempted to reach an agreement with your landlord?
5) How many flats are in your block?
6) Have you spoken to the other tenants and asked what they think about the right to enfranchise?
7) How many have expressed a wish to be included in enfranchisement?
8) Does anyone own more than 3 flats and are there any non-qualifying tenants?
9) What is the size and type of the flat? ie: number of rooms and floor area.
10) How many years are left on the existing lease?
11) What is the amount of ground rent payable?
12) What does this cover?
13) Where is your flat located?
14) Is your block new? Was it purpose built as a block of flats or old and converted?
15) Are there any outbuildings such as garages?
16) Is there a garden area?
17) Do you know if any current planning applications for the property have been made?
18) Do you know an experienced lawyer who can handle collective enfranchisement?
19) Do you know a qualified surveyor who is compliant with the RICS regulations or can your solicitor recommend one?
20) Are you aware of the difference between formal, informal and desktop valuations?
Once you have this information to hand you will be in a stronger position from the start. You can try to informally negotiate a price with the freeholder. Or, by consulting your solicitor, start formal collective enfranchisement proceedings: serving a notice on the freehold which sets out your offer price for buying the freehold.
One final question to ask: is getting the right advice more valuable to you than the cheapest route possible? Consult a solicitor now and make sure that they specialise in the right to enfranchise!