A lease is a wasting asset and therefore you will need an expert to guide you through the pitfalls of leasehold ownership and, more importantly, lease extensions and enfranchisement.
If your property is leasehold then, typically, a lease is granted to you by a landlord for a specific number of years by the owner of the land. At the end of those years, the lease will end and the landlord will be entitled to claim the land back from you. If you lease residential property, and the term of the lease falls below 70 years, you may find it difficult to sell your property to a buyer who requires a mortgage.
There is a variety of solutions to remedy these issues. These can include lease extensions, enfranchisement, and also obtaining the right to manage the building.
Lease extensions can be achieved either by negotiation with the freeholder or by using the law to claim a lease extension on your property from the freeholder. You could also seek to buy the freehold and then extend your lease. Should you be a leaseholder in a property of other leaseholders, e.g. a property made up of flats, then one option could be to ally the other leasehold tenants in the building and purchase the freehold from the freeholder. However, the purchase of the freehold of a property is complex, and adhering to strictly imposed deadlines is crucial to the success of the purchase. Failure to do so can result in your being denied the opportunity to purchase the freehold.
Our lawyers can help you at every stage, whether you wish to extend your own lease or embark on the purchase of the freehold of your block with the other tenants in the building, or even form a ‘right to manage’ company. This can include recommending valuers, the legal notices’ process, negotiation of prices and terms, the transfer of any land and subsequent registration, and payment of any stamp duty land tax. We act for a number of management companies that we have helped to set up for residents in their enfranchisement, providing advice on the onward management of lease extensions.
Contact one of our residential property solicitors now by calling us on 020 3814 2020, emailing email@example.com, or filling out our online enquiries form.
Blaser Mills’ Residential Property team comprises members of the Law Society’s Conveyancing Quality Scheme, the mark of excellence for the home-buying process. The rigorous assessment by the Law Society, in order to secure CQS status, marks us out as a team that consistently meets high standards in residential conveyancing processes and delivers excellent customer service.