If you own a leasehold property, purchasing the freehold or extending the lease can be a vital way to maintain or increase its value. Because the land is owned separately by a landlord, it can be hard to sell a leasehold property or raise a mortgage for it.
Our expert solicitors have extensive experience in a wide range of leasehold enfranchisement options, including:
- Lease extension
- Individual purchase of the freehold
- Collective enfranchisement (where a number of tenants wish to buy the freehold)
- Right to manage (tenants take management of a building without buying the freehold)
- Tenant's right of first refusal to buy the freehold of a building
- Auction sales and rights of first refusal
- Residential management matters such as Deeds of Covenant or Licences for Alterations
- Residents Associations
You only own a leasehold property for the extent of the lease - your landlord has permanent ownership, or 'freehold' of the land and building. When the time left on the lease of a flat drops below 80 years, the property becomes significantly more difficult to sell. The premium payable to the landlord for extending the lease also goes up.
This has a considerable effect on its market value and may have implications for your future financial plans. As a leasehold tenant you are also restricted in what alterations you can make to the property, subletting and the use of the property.
Leasehold enfranchisement can raise the value of your property and offer you more security. Whether you are a landlord or an individual tenant or part of a group, we can advise you of your rights. Call today for a no obligation consultation on 0370 1500 100 - or fill out our online enquiry form.
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