Lease extension conveyancing lawyers over the last 20 years have anticipated a significant legislative move towards making lease extensions easier and cheaper for residential leasehold owners. In reality , over the last 2 decades it has only become marginally easier to qualify for a lease extension...
Enfranchisement or Freehold Enfranchisement is also sometimes termed Freehold Purchase. All these terms refer to increasing the value of your flat by collectively with other flat owners buying the freehold of your block . It applies to residential flats
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To make it possible to grant to residents who participate long leases, possibly with no ground rent.
To allow the residents to take control of the management. Many Management Companies consult you only when major works are planned. Own the freehold and you can oversee those major works and all o...
Many flat owners who are conveyancing clients understandably do not appreciate the difference between leasehold and freehold. When you buy a flat you buy a lease, which is in effect a long-term rental contract. The freeholder owns the building and when each lease expires, the freeholder is entitled...
If the main reason for acquiring the freehold is a shortening lease, once the freehold has been acquired it may then be necessary to complete the lease extension , typically to 999 years. At the same time the ground rent may be abolished and clauses in the lease that have caused problems in the past...
If the management company has been appointed by your freeholder, once you have taken over the freehold you will be able to replace the company with another of your choosing if you wish. Again, Leasehold Solutions can provide detailed guidance in individual cases.
If your management company is a...
You can if you wish, but they will invariably get worse. The shorter a lease becomes, the more expensive it becomes to rectify the problem later. We have heard of examples of the costs at least doubling within a few years, particularly where lease lengths have slipped below the critical 80-year leve...
You may both need to want to buy as 51% need to qualify for a freehold purchase application to be forced. If there are only two flats in a building, both flats must participate. If the other flat wants to participate but cannot afford to do so, you can still acquire the freehold; perhaps by a loan t...
No. Your flats will still be leasehold and the leases will still apply. However, residents will be in control of administering the service charges etc. Any problems with the leases can usually be corrected. Leases can be extended.
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To a certain extent the answer to this question depends on the state of the property market. During the 1990's and indeed up until 2008 when it was very much a seller’s market one would often find the seller and their conveyancing lawyer placing the onus on the buyer and their property lawyer...
