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If you purchase a leasehold property, (in a block of flats for example) as a leaseholder, you are the owner of the property for a fixed term (as set out in the lease) but not the land on which it stands on. Once the lease expires, the ownership will revert back to the freeholder, unless you can agree to extend or purchase the lease.
Leasehold enfranchisement is the process you go through to either extend your lease or purchase a share of the freehold. You can either extend or purchase your lease individually, or you and the other residents can look to purchase the freehold together, this is known as collective enfranchisement, and will likely be more cost-effective than each leaseholder extending their lease individually.
If the lease length is getting to around 80 years or below, then you should consider addressing this as soon as possible. A lease is a diminishing asset, that is, as the lease gets shorter, the flat decreases in value. It is for this reason that it is desirable to have a long lease which certainly makes it more attractive to buyers when selling the property.
Regardless of the current length of your lease, we are here to help. Call our experienced property lawyers on 0207 095 5700 or make an enquiry here.
Our experienced leasehold enfranchisement team have the expertise to help you on a wide range of enfranchisement matters including:
- Extending your lease
- Purchasing the freehold of your property
- Collective enfranchisement (where a group of tenants wish to buy the freehold together)
- The right to manage (tenants take management of a building without buying the freehold)
- The 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
Get in touch with our conveyancing solicitors in Brixton who can provide further guidance on purchasing the freehold or extending the lease on your leasehold property. Call our property team who will be happy to help call us on 0207 095 5700 or make an enquiry here.
Can I extend my lease or purchase the freehold?
Under the Leasehold Reform, Housing and Urban Development Act 1993, the government has been proactively giving leaseholders protection against short leases, by giving most leaseholders the right to extend their lease or the right to buy the property.
If the freeholder is reluctant to do this, the leaseholder can force the freeholder to extend the lease by an additional ninety years with the ground rent falling to zero (a peppercorn). Of course, a privately negotiated lease extension on different terms is possible, but the freeholder may dictate these terms, possibly resulting in a disadvantageous settlement.
If you are thinking of extending your lease, why not call us at Wainwright and Cummins to discuss your options and the process involved? We can even advise you of the likely premium you will be expected to pay so call us today for a chat! Call our experienced property lawyers on 0207 095 5700 or make an enquiry here.
Expert Enfranchisement Lawyers in Brixton
Do not be put off if you find the thought of starting this process a little daunting. Whilst extending or purchasing your lease can be a complex area of law, our experienced and approachable enfranchisement lawyers are on hand to provide you with all the information you need. We will ensure that you meet all the strict deadlines and will guide you through the entire process.
Wainwright & Cummins LLP are an established London law firm of conveyancing solicitors in Brixton, and we are accredited by The Law Society’s Conveyancing Quality Scheme so you can be sure of receiving a high level of service, but at competitive rates, and you will always be fully aware of all the costs involved.
Our Conveyancing Fees
We will always make sure that our fees are clear and easy to understand, without any hidden charges and we will provide you with a personalised quote for your property matter.
Contact our Property Team
To obtain a quotation or to speak to one of our experienced property lawyers in Brixton you can call us on 0207 095 5700 or make an enquiry here.
Other Landlord & Tenant Legal Services
We pride ourselves on providing our clients with a complete legal service, covering all the legal matters that you may require. We realise there may be other matters you would like to discuss with us and our housing law solicitors in Brixton can advise both Landlords and Tenants on all areas of housing and landlord and tenant law.