Lease Enfranchisement Solicitors
Do you own leasehold property?
If you are a residential leasehold flat owner, are you aware that you have the legal right to join with other tenants to force your landlord to sell you the freehold of your block? This right is known as Lease Enfranchisement – also referred to as Freehold or Collective Enfranchisement, and Freehold Purchase.
In buying the freehold of your block, you actually become both landlord and tenant and as a result become able to grant yourself a new 999 year lease on your flat.
Lease Enfranchisement – what’s in it for me?
- 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
- 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
- You 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
Are you a tenant wanting to buy the freehold of your block?
If so, you really need specialist advice. Because this is a highly intricate area of law and very few property lawyers come across it more than once in a blue moon. In contrast, we have a team of specialist lease enfranchisement and lease extension solicitors – that’s all they do.
Before instructing another solicitor – ask them how many enfranchisement and lease extensions they completed in the the last year. We are currently expecting to do around 350 of these transactions in the current 12 months, and have completed many thousands in the last 20 years.