Lease Enfranchisement of Residential Property - Buying the Freehold
At Davies and Partners our specialist Leasehold Extension team, has extensive experience in advising long residential leaseholders and landlords around the UK on lease extension claims and collective enfranchisement.
Why a lease should be extended?
A long residential lease is a right to use a property for a given period of time and there are key points you need to be aware of:
- 80 years of term remaining: once the term drops below this point you will pay more for your lease extension as you must also pay "marriage value"
- Approximately 60 to 70 years of term remaining: mortgagees generally will not lend on residential leases with terms less than 60 to 70 years remaining
- At any point of the term: you have the right to extend your residential lease term provided certain criteria are met and the amount you pay is subject to the valuation of your property and if you delay in a rising market you will pay a higher premium
Why buy the freehold of your building?
- To control the management of the block collectively
- To extend your lease to 999 years
- Leases can then be sold and advertised as having a "share of freehold"
How Long will the process take?
Meet our Specialist Residential Lease Extension Team:
For an initial free 30 minute consultation and to discuss your residential property Lease Extension or Collective Enfranchisement claim, please contact Jason Richardson on T: 01454 611365 or email: email@example.com