Council is currently offering leaseholders of Council sections the opportunity to freehold these properties at a substantial discount than the current market value.
If properties are freeholded before 31 January 2012 then a 20% discount will apply. If properties are freeholded after 31 January 2012 and before 31 July 2012 a 15% discount will apply.
A large number of Council leasehold sections are to have the rentals reset in 2013 when they expire. These rentals are expected to increase significantly when reviewed therefore freeholding the property may be a good option for some particularly those who want to add value to their property.
Please see document below for the procedure to freehold your property.
Freeholding Procedure 2011