...and Collective Enfranchisement
If you own a leasehold property it is important to keep a check on the length of your outstanding lease. It is not uncommon for owners of flats or leasehold houses to overlook their ever decreasing lease length until they come to sell the property, often finding themselves with an asset that has depreciated considerably without them knowing it.
Mortgage lenders will often refuse to lend against leasehold flats with less than 70 or 80 years on the lease, and as the cost of extending your lease can be considerably reduced by doing so before it reaches 80 years it is always worthwhile extending your lease as soon as you are able to.
We are usually able to offer fixed fees for assisting clients in statutory or non-statutory lease extensions, and assist in locating a suitably experienced local surveyor to assist you with the valuation of the likely premium payable.
If you are interested in extending your lease, we are working on a Lease Extension premium calculator to gain a rough idea of the likely premium you will need to pay. Check back again soon or contact us now to find out more.
If you live in a block of 2 or more flats you most probably have the right to force your Freeholder to sell the Freehold to you and your fellow flat owners.
You may want to purchase the Freehold for a variety of reasons; to avoid the current excessive service charges; to manage the Freehold more comprehensively if your current Freeholder is not doing so; or to extend your leases to be as long as you wish.
The Leasehold Reform Housing and Urban Development Act 1993 (as amended) and the Leasehold Reform Act 1967 which grant Lessees the right to extend their leases of either flats or houses respectively, also conveys the right for Lessees to force the Freeholder to sell the Freehold to them collectively.
The procedure for extending leases or forcing the sale of the Freehold follow prescribed routes set out by the relevant legislation, yet despite this can take as long as two years to conclude if the Freeholder does not comply.
Get in touch with us today for a no obligation discussion....
For an informal and free discussion about either extending your lease or collectively purchasing the Freehold of your block call or email us today.
If you are a Freeholder that has been served with notice under the Leasehold Reform Housing and Urban Development Act 1993 or the Leasehold Reform Act 1967 there are strict timetables to which you must now comply. We are well experienced in acting for Freeholders in statutory or voluntary lease extension or enfranchisement claims made by Lessees, and would be happy to assist.
- Disputes with the council regarding re-housing;
- Problem tenants or non-payment of rent;
- Service Charge disputes; and
- The Right To Manage a block of leasehold flats