iInsure365

You have established that there are enough tenants to qualify the building. What do you do now? Enter into a participation agreement Providing the participating tenants have agreed to proceed with no exceptions. All participating tenants should enter into a formal participation agreement. The agreement will govern the relationship between all tenants. This is  prior to  and during the collective  enfranchisement  procedure for the building. It includes items such as rights of voting, negotiation and agreement of terms. Most  importantly , it covers the individual tenants’ financial contribution. This facilitates in future that there are no difficulties between parties.   This can be particularly important where there are large blocks involved as disputes can cause difficulty or delays . A prior agreement makes future disputes easier to resolve. It could also be useful to record an agreement on what happens after acquiring the freehold.  For example, the new freeholde