If you have owned your leasehold property for more than 2 years and/or it has less than 70-80 years left to run, you may wish to consider extending the term on your lease. By extending your lease, you are increasing the number of years remaining on the term and therefore making the property more attractive to lenders who usually will only lend money if there is a term of more than 80 years remaining.
It goes without saying, a longer lease will also increase the value of the property. You can extend your lease in one of two ways, either by meeting the criteria set out in the Leasehold Reform Act 1967 (for houses) or the Leasehold Reform Housing & Urban Development Act 1993 (for leases over flats) or by entering into negotiations directly with the freeholder. Whichever method you choose to extend your lease, our property team would be only too pleased to assist.
If you have a long lease of your flat or house and are not happy with the way the landlord is managing the building, you can do something about it through enfranchisement. This is a process which enables a number of leaseholders to group together and form a company to purchase the freehold interest. When you purchase the freehold with your fellow leaseholders, you will become both the landlord and the tenant. Enfranchisement allows leaseholders more control over the management of the building.
The law in this area is complex and certain qualifying criteria must be met before an application can be made. As there are strict time limits to be met, it is important that you obtain specialist advice and assistance with the preparation of notices and making the necessary applications.
Saracens Solicitors are only too pleased to assist if you and your fellow neighbours are considering leasehold enfranchisement. Contact us with your enquiry for a cost friendly quote.