Leasehold Enfranchisement and Lease Extensions can be very complex. A long lease on a property is a valuable asset, however, as the lease term diminishes, the lease becomes a decreasing asset. Essentially, subject to detailed conditions for qualification, Leasehold Enfranchisement and Lease Extension provisions can allow leaseholders to extend the terms of leases, have a greater say in, or completely take over the freehold to a block of flats or leasehold house.
If you purchase the freehold of your property you will own your own home, which could increase the value of the property and give you more control over its management, including repairs and alterations. If your leased property is a flat, the right to buy the freehold with the other flat leaseholders can be achieved via ‘Collective enfranchisement’.
Draycott Chartered Surveyors can assist both leaseholders and landlords, providing clear advice on the options available, the legal process involved and the associated costs to achieve the stated objectives.
Should you wish to have an initial discussion to understand more about your options, please get in touch and we will be happy to discuss your requirements with you. Please either give us a call or complete the quick inquiry form at the right of the page and we will respond quickly to your enquiry.