Do you own leasehold property?
If you have a leasehold flat or house, did you know that there is legislation giving you the right to increase the value of your property, including:
- Leaseholders joining together to buy the freehold of a block of flats (known as Collective, Freehold or Leasehold Enfranchisement and Freehold Purchase)
- Extending your lease (either using the informal or voluntary route, or through a statutory or formal lease extension)
- Taking over management of a block of flats (known as exercising your Right to Manage)
Do you want to extend your lease? Have you got a problem with a short lease?
Do you want to take over the right to manage your block of flats yourself?
Do you want to join together with some of the other leaseholders to buy the freehold of your leasehold block?
Are you a landlord subject to Leasehold Enfranchisement proceedings?
This website looks at multiple issues surrounding lease enfranchisement. This includes right to manage company formation, how to extend leases and freehold purchase. It looks at reasons for considering each of them so you can make a more informed decision, and includes information on enfranchisement valuation.
How We Can Help You
Leasehold Enfranchisement, Lease Extension and Right to Manage Company cases involve complicated procedures and regulations and we strongly advise that you get expert advice – you can rely on our solicitors for the right specialist advice as we have acted for landlords and tenants in thousands of Freehold Purchase and Lease Extension cases in over 25 years.
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8 Great Reasons To Buy Your Freehold
Let’s face it, enfranchising is not a cheap investment – so why bother to buy your freehold?
Here are 8 great reasons;
- Your asset stops deteriorating. Your lease is a diminishing asset. As your lease gets shorter its value decreases. You can preserve, and often considerably increase, the value of your flat by jointly buying the freehold of your block. How? That’s simple.
- You extend your lease for FREE: if you choose to buy the freehold you will not need to pay a fee to extend your lease and can grant yourself a very long lease extension, often for 999 years.
- You pay no ground rent – your new lease will be at a ‘peppercorn rent’ (i.e. your lease effectively becomes rent free)
- Enfranchisement increases the value of your home: in addition to a 99 year lease extension and paying no ground rent, prospective buyers are usually more attracted to flats where they will own the freehold.
- Control the management of your block. Buying the freehold enables the participating leaseholders to take direct control of maintenance and management of their building – avoiding the need for overpriced service charges and creating the chance to improve the quality of management services by removing the need for external management companies.Service charge disputes are one of the main reasons why tenants often decide to go ahead with enfranchising
- Avoid restrictions on your lease. As a leaseholder you are bound by various conditions over repairs and pet ownership for example which can be frustrating having forked out on a home. As a freeholder you can update unfair or badly drafted leases.
- Remortgaging may become easier as many lenders prefer the additional security of freehold over leasehold properties.
- Enfranchisement provides a more secure family inheritance
Lease enfranchisement and leasehold extension – our one-stop shop
If you are considering either Enfranchising or Leasehold Extension, contact our lawyers first.
What’s more, as part of our one-stop shop service, we can put you in touch with one of the surveyors nationwide we deal with regularly who specialize in valuing Leasehold Extensions and Freehold Purchase – and, if you wish, we can instruct them on your behalf as well.
Contact Our Leasehold Enfranchisement Solicitors
Here at Bonallack and Bishop, our expert team can advise you wherever you live – provided your property is in England and Wales. Our solicitors do not even need to see you!
We regularly run cases for clients nationwide, using phone email and Skype video only.
We offer coverage nationwide – so for FREE initial specialist legal advice and a FREE quote just;
- Call us today on FREEPHONE 0800 1404544 or
- Or email us using the contact form below
Comments or questions are welcome.