Lease Extensions and Share of Freehold

Whether to extend a lease or to buy a share of freehold, as long as they qualify, the law offers the owners of leasehold property several ways to improve the value of their house or flat. For example, they can increase the term of their lease by 90 years or come together with other leaseholders to buy the freehold of their building.

Starting with a free initial consultation, Gillhams lease extension solicitors provide expert advice and assistance to landlords and tenants on these specialist issues. We ensure that clients understand their rights, their options, the processes and the cost implications, so that everything runs smoothly.

Lease Extensions

If a tenant has owned a property for 2 years under a lease originally granted for a term of more than 21 years, they may be able to extend their existing lease term by 90 years. Our team of lease extension solicitors advise both landlords and tenants on this issue, seamlessly guiding them through this complicated area of law.

Buying the Freehold

More and more frequently, owners of leasehold flats are coming together to buy the freehold of their building. Also known as collective enfranchisement, to qualify for the legal right, both the tenants and the building have to meet certain criteria, in particular:

  • The flat must be in a building containing two or more flats;
  • The tenant must own the flat under a lease originally granted for more than 21 years; and
  • At least two thirds of the leaseholders in the building must want to purchase the freehold.

Our enfranchisement and lease extension solicitors have extensive experience in acting for both landlords and tenants in the process of freehold purchase.

Landlords

When a landlord receives an application from a tenant for a lease extension or to buy the freehold, they need to know whether the tenant qualifies for a lease extension, their obligations as landlord and their right to claim reasonable costs. Our expert lease extension solicitors ensure our landlord clients have all of this information at their fingertips, so they know how to proceed.

Tenants

For clients wanting to extend a lease or buy the freehold of their building, we help them through every aspect of the process, including advising as to whether they qualify and making their application.

Our specialist lease extension solicitors ensure that tenants understand their rights, obligations and the costs involved. Vitally, we also ensure that they comply with all of the formalities in this complex process, something which is imperative if the application is to be valid.

The Premium

We also help advise clients on the premium, this being the amount the tenant will pay to extend a lease, as calculated by a statutory formula. In particular, Gillhams has developed working relationships with surveyors specialising in this area who can be consulted for advice on valuations.

MORE INFORMATION
For legal advice on preparation of lease extensions and related property matters, or to speak to one of our solicitors, email us at leaseholdenfranchisement@gillhams.com or call us on 020 8965 4266.