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. 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 acan nd 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?
Or a landlord subject to Lease Enfranchisement proceedings?
Contact the Specialists
The process 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 – with experience of acting in thousands of Leasehold Extension and Lease Enfranchisement cases over the last 25 years.
For more information about enfranchisement , visit our specialist Collective Enfranchisement website
So if you're thinking of Enfranchisement, contact us first – wherever you live. There's no need for us to even see you – we regularly take our clients instructions by email, Skype and phone.
- Call us now for FREE initial advice on 01722 422 300 or
- e-mail us at firstname.lastname@example.org