Pros and Cons of Freehold Purchase

Pros

Your asset stops deteriorating over time. After freehold purchase, you become the new landlord and can grant yourself a lease of up to 999 years with no ground rent to pay.
You control property maintenance. You no longer have to tolerate excessive service charges or inefficient managing agents. For more details read our article 'Closing your purse strings to Service Charge abuse' in .pdf format.
Increased sale value due to improved marketability. Some buyers will not consider purchasing a leasehold property due to problems with previous properties.
Creation of a secure family inheritance.
Your mortgage company is likely to approve extending your loan to cover the cost of purchasing your Freehold and other associated costs because your property is recognised as a more secure asset.
Following the Commonhold and Leasehold Reform Act 2002 legislation, your Freehold purchase can take less than a year.

You will have to pay for your share of the Freehold. Pro-Leagle can provide you with an Initial Valuation detailing the likely cost.
Within the current rules, once you have served your official notice on the Freeholder setting out how much you should pay, you will be required to pay the Freeholder's 'reasonable costs' associated with dealing with your request. This essentially means he or she can take legal advice and/or request a further survey to be undertaken at your cost.
Your existing leases will normally contain provisions on property maintenance to avoid your property falling into a state of disrepair. You will have to consider whether you should manage the property yourselves or whether to employ a Managing Agent for this purpose.
Your neighbours may initially decide to participate in the freehold purchase but later change their minds. To counter this, a Participation Agreement is generally used to bind all interested leaseholders into the freehold purchase process. Pro-Leagle can assist you with this.