Leasehold enfranchisement refers to the process by which tenants can, in certain circumstances, buy the freehold either individually in relation to houses or collectively for a block of flats, or indeed the right to extend a lease.
These pages will give information regarding:
- The collective right to enfranchise
- The individual right to extend a Lease
- Enfranchisement of houses.
- Right to Manage
Leasehold properties are a diminishing asset, but buying the freehold of the building (collectively enfranchising) can provide advantages such as:
- Enabling management and improving maintenance of the building
- Securing your investment in the property
- Extending the leases
- Decreasing liability for service charges
- Increasing the potential value of your property
Obviously, the shorter your lease gets, the less valuable it becomes, and the more it will cost to buy the freehold. When it comes to selling flats, those that are advertised with ‘a share of freehold’ seem to be more attractive to purchasers than those without.
The processes and requirements involved in leasehold enfranchisement are complex with strict time limits for Notices to be served. Our team has a wealth of knowledge and experience regarding leasehold enfranchisement and Leasehold Valuation Tribunals.
We offer free initial advice, so if you have any query regarding leasehold enfranchisement, please call Kate Weston for further information.