When individuals purchase leasehold flats, more often than not time is ticking away towards the lease expiry date.
There is a fixed procedure to acquire a new lease (or lease extension) to protect the leaseholder and his or her mortgagee, and this often arises in advance of, or in conjunction with, selling a flat where the remaining term is 70-80 years.
Our Property Litigation team will advise you when you are entitled to serve a notice, and whether this can be done earlier if you are purchasing a flat where the remaining term is diminishing.
Our team has access to a panel of surveyors who, right from the outset, can give advice about the premium you should be expecting to pay for any lease extension, so that the process is not drawn out unnecessarily and agreement can be reached quickly.
Once an initial notice has been served, to get you a lease extension our experienced team will guide you through the process and advise you of the timetable that needs to be strictly adhered to.
We are on hand to guide clients and landlords through the process of acquiring or granting a lease extension (by way of a new lease).
We also have extensive experience of acquiring the freehold and right to manage in relation to residential blocks of flats where a landlord or managing company is failing to exercise its obligations under the lease and allowing a development to deteriorate, thereby reducing the value of your property.
The procedure is complex and can be lengthy, but our property litigators are on hand to guide you through serving notices, making applications to the tribunal if and when necessary, and making tactical offers to settle. The team has the experience and knowledge to let you know, up front, what costs you may face to ensure that you have the finance in place at the times that you will need it for a lease extension.
Our team has dealt with individual lease extensions, as well as collective enfranchisement within small blocks and all the way up to 180-flat developments, and knows all the ins and outs of going through the process.
We deal with and have experience of:-
- Service of notice for lease extension
- Service of notice for collective enfranchisement
- Absent landlords
- Advising on the best course of action to reduce any premium payable to the landlord
- Applications to the First Tier Tribunal for determination of premiums payable