Broads Homeowners Club Together to Buy Their Riverside Homes Through Leasehold Enfranchisement
A group of homeowners on the Norfolk Broads have successfully come together to buy the freehold of their holiday bungalows, with support from the Banner Jones Business Legal Services team.
The 15 riverside properties, located along the River Thurne near Potter Heigham, were previously owned by the Environment Agency. With just 51 years remaining on their leases, the homeowners decided to act collectively to protect the long-term value of their homes and ensure they could pass them on to their families in the future.
The purchase — known as leasehold enfranchisement — was completed with the help of Tim Barley, Corporate and Commercial Property Executive in the Banner Jones Business Legal Services team, who guided the group through the deal.
While the process normally takes between six and twelve months, this particular purchase had the added complexity that the Environment Agency questioned whether the properties were in fact “houses” under the legislation.
Despite the complexity, following extensive negotiations over the status of the properties, as well as relating to footpaths and sewer/drain arrangements running through each of the properties, an agreement was made that suited both parties and the claim was successful.
Tim is currently working on another deal on behalf of homeowners along the same stretch of river, and it is expected that others will soon come forward.
Commenting on the deal, Tim Barley said: “This was a wonderful example of a community of homeowners working together to take control of their properties and their future.
“Because the homes are along a river and used as holiday properties, there were some unusual challenges — but we were delighted to reach a positive outcome that gives the owners peace of mind for years to come.”
Speaking on behalf of the homeowners, Max Manners said: “We’re absolutely delighted to have completed the purchase and to finally have full ownership of our homes. It’s been a long process, but Tim and the team at Banner Jones were brilliant throughout — always patient, clear and determined to get the right result for us.
“It’s a huge relief to know that we’ve secured the future of our homes for our families and that we can enjoy them without worrying about the lease running down.”
The homeowners’ decision to buy the freehold means they now have full ownership of their homes, rather than being leaseholders bound by the terms of a public-sector landlord. It also makes the properties easier to sell and remortgage.
“Buying the freehold can feel daunting,” Tim added, “but when leaseholders join forces, it becomes much more achievable. It’s been a pleasure to help this group secure their future on the Broads, and we’re already seeing others follow their lead.”
The Norfolk Broads case follows another recent success for the Banner Jones Business Legal Services team, which guided a group of homeowners in Westminster through the collective purchase of their building’s freehold from the local council. Both cases highlight the firm’s specialist expertise in complex collective enfranchisement matters, helping leaseholders across England and Wales to take greater control of their homes and investments.
If you’re a leaseholder considering buying your freehold — whether individually or as part of a group — our specialist property team can help. Contact Banner Jones today for expert guidance on collective enfranchisement and leasehold property services.