We assist landlords and tenants in leasehold enfranchisement negotiations.
In 1993 and 2002 the government extended the leasehold reform legislation which allows a qualifying tenant of any residential unit to extend their lease by 90 years provided the original lease was granted for a term of longer than 21 years and, the leaseholder has owned the property for more than two years. This is commonly called Lease Extension.
There is also a right to act together with at least 50% of other lease owners and seek to acquire the freehold, or enfranchise.
The purchase of a freehold can either be by the leaseholder of the house or collectively by the tenants of a block of flats, as long as more than 50% of them participate and providing that any commercial space in the building does not extend to more than 25% of the floor area of the whole.
We regularly advise individuals and investors looking at short leasehold opportunities and groups of tenants wanting guidance through the complex legislation and our Services can include assistance with negotiations after valuation, or preparation at First Tier Tribunal.
Please click on this link for Enfranchisement and Lease Extension Links from TWM Solicitors - "TWM Solicitors"
Please click on this link - Enfranchisement who participates and how "Land Mark Chambers"