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Leasehold enfranchisement is the process of either extending the lease on a leasehold property or purchasing the freehold (or a share of it, in the case of flats). Whilst both houses and flats can be leasehold, it’s far more common in flats, especially in areas of the country such as London.
A leasehold property is one where the leaseholder has bought the right to live in the property for the duration of the lease, but the freeholder retains ownership of the land and if the lease were to expire, the property would revert back to them. Most leases are between 99-125 years when issued, and as they run down over time, it can have an impact on the property value, especially when the lease gets down to anything below around 85 years, which is considered to be ‘short’.
If your remaining lease length has fallen below this, or you wish to sell the property and want to maximise the value, you may consider leasehold enfranchisement, in which case you will need experienced enfranchisement solicitors to handle the legal aspects of the transaction, whether you’re looking to extend the lease or purchase a share of the freehold.
Get in touch with our specialist leasehold enfranchisement solicitors to find out more by calling 0161 696 6187 .
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If you are the leaseholder of a London flat and wish to purchase a share of the freehold, you will need to join together with any other leaseholders in the same building so that together you purchase the freehold for the entire property. To do this, you will need the assistance of collective enfranchisement solicitors with the legal process.
There are some eligibility criteria for enabling collective leasehold enfranchisement, which can be complex in larger properties with multiple leaseholders. Currently, in order to purchase the freehold, the property can qualify if:
If you are unsure whether your property qualifies or whether you as a leaseholder qualify, a specialist in leasehold enfranchisement can help to clarify your specific situation.
Owning a share of the freehold means that leaseholders no longer have to pay ground rent to the freeholder and can make decisions about repair, maintenance or improvement works to the property between the collective group instead. It can also increase the resale value of the property in some cases.
Stephensons have a highly experienced conveyancing and leasehold enfranchisement team, helping people to successfully extend their property’s lease or purchase a share in the freehold of the building.
With a proven track record of helping many leaseholders with what can be a daunting and complex process, we offer specialist legal support you can trust.
Get in touch to find out more by calling 0161 696 6187 .
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