No more than 25% of the floor area can be for commercial use.
At least 50% of the flats in the building must participate.
The Leaseholders should instruct a surveyor to assess the premium. The “premium” is the amount of money paid to buy the Freehold of the building. The premium will not necessarily be split equally between all leaseholders, especially on occasions when someone’s flat is worth more or there is a shorter lease.