Last year, the government introduced a stamp duty holiday in an attempt to keep the property market moving through the lockdown. The changes meant that some homebuyers were able to to benefit from a £500,000 tax-free threshold, up from £125,000...
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 .