Lease Extension & Freehold Acquisition
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Rose & Rose
Lease Extension & Freehold Acquisition Solicitors
Leasehold enfranchisement (also known as Collective Enfranchisement or the Right to Enfranchise) is the right for flat leaseholders to join together (under the Leasehold Reform, Housing & Urban Development Act 1993) to force their landlord to sell the freehold to their block of flats to them. Leasehold Enfranchisement applies only to residential property. When you buy the freehold, you become both landlord and tenant and can extend the lease of your flat by granting yourself a new lease of up to 999 years.
The main reasons for leasehold enfranchisement are as follows:
You stop the value of your flat deteriorating – buying the freehold enables you to grant yourself a very long lease, for up to 999 years – and what’s more, you can do this at what’s called a ‘peppercorn rent’ – so your lease becomes, in effect, rent free
Lease Enfranchisement allows you take over the management and maintenance of your block – enabling you to avoid overly expensive service charges. Disputes over service charge levels are amongst the most popular reasons for lease enfranchisement
Lease Enfranchisement can provide your family with a more secure inheritance
The value of your block will probably increase – some purchasers avoid purchasing leasehold property
Remortgaging your flat will probably become easier. Not only do some mortgage lenders refuse to lend on flats with less than 60 to 70 years left on the lease, but many prefer the increased security that freehold, as distinct to leasehold, property offers
The process of Lease Enfranchisement involves complicated time limits and procedures and it’s essential you get the right legal advice. Rest assured that our team will provide that advice.
Not only can we help flat owners to exercise their rights, we can also assist Landlords to minimise the adverse effects of the new changes. If your lease has less than 90 years remaining you should think about extending your lease, especially if the purchase of the freehold with the other flat owners is not an option for you. If your lease has over 80 years to go you need to act urgently before it drops under 80 years and marriage value is payable to the freeholder.
Download our Collective Enfranchisement advice sheet here.
Download our Lease Extension advice sheet here.
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