Lease extensions, buying the freehold, or a share of it (often referred to as collective enfranchisement) are more often than not investments worth making. But it can be complicated and it can take time.
Applying for a Lease Extension
If you have owned your property for at least two years and the original lease was for a term of more than 21 years, then you have a right to a lease extension. If your current lease is below 95 years, this makes good financial sense, because as a lease gets shorter the value of the lease decreases. And once it falls below 80 years the costs of extending it significantly increase. It’s also more difficult to sell as mortgage lenders may be reluctant to lend money on properties with short leases.
As Leasehold Enfranchisement specialists we will walk you calmly and effectively through the process of extending your lease. First we’ll make sure you’re eligible, then we’ll guide you through the calculation and negotiations for a fair premium, and we’ll always ensure that statutory documentation and notices are filed on time. Then you can relax knowing that the value of your home is fully protected.
Buying the Freehold
Sometimes, it makes best sense to buy the freehold of your property. Maybe you want more control over the day-today management of your own home, or you’re relationship with your freeholder is not great, or you really want to extend the term or relax other provisions in your lease. Whatever the reason you have the legal right, subject to qualifying criteria, to make a claim to buy the freehold.
And whatever the reason – we can advise you. Whether you’re looking to buy the freehold of your house, or a share of the freehold of your flat (also known as collective enfranchisement) our Leasehold Enfranchisement experts can guide you through the process and ensure that all the legal and practical arrangements are put in place. We’ll help you, with the assistance of a surveyor, to negotiate a reasonable premium and make sure the costs you have to pay the freeholder are fair. We’ll take the anxiety out of all the frightening statutory time limits. And if you and your fellow flat owners need to set up a company to buy the freehold, we’ll handle that too. Though the process to freehold ownership may seem a long and at times, daunting journey – we’re here to be your guide.
And with Gillhams extending your lease or buying the freehold always starts with an initial, free consultation.