Leasehold Enfranchisement

When you purchase a property you will purchase it in one of two ways - freehold or leasehold. Freehold means you own the property outright. Leasehold gives you ownership rights for a temporary period. This temporary period (the length of the lease) is usually 999 years.

Under the Leasehold Reform Act 1967 (and further legislation in 1993 and 2000) leaseholders have the right of leasehold enfranchisement. Leasehold enfranchisement gives leaseholders of flats the collective right to buy the freehold of their block of flats from the current landlord. It only applies to residential properties, rather than commercial flats or units. There are other requirements dictating who can apply for leasehold enfranchisement - the building must have two or more flats, at least half of the leaseholders must support the leaseholder enfranchisement and finally the original lease must have granted for 21 years or more.

Purchasing the freehold of a block of flats using leasehold enfranchisement brings with it responsibilities that the previous landlord would have dealt with....so why are people interested in purchasing the freehold? One reason is the ability to grant yourself a longer lease to stop your asset reducing in value. Remortgaging is easier, and the flats as individual properties would be worth more as leases can deter people from purchasing a property. Finally buying a freehold through leasehold enfranchisement allows you to have more control over the management and maintenance of their buildings. You can choose your own contractors to carry out repairs, find cheaper landscaper gardeners and ensure repairs and maintenance are carried out in a way you want them to be. Ultimately leasehold enfranchisement will usually reduce the service charge leaseholders pay. High service charges are the main reason for leasehold enfranchisement.

Leasehold enfranchisement is not a simple process and you will need representation by either a Solicitor or Surveyor. Georgepope.com is a qualified Surveyor with over 30 years experience of acting for clients on leasehold enfranchisements. He works in central London and offers a very personal service, never delegating work. He has extensive experience in Grosvenor, Cadogan, Slone Stanley Estates and other smaller estates and will help to make the leasehold enfranchisement process as smooth as possible

Georgepope.com specialise in Leasehold Enfranchisement . We have acted for many clients during the past 30 years, covering all aspects of enfranchisement. Visit us today for Lease Extension .