Being a freeholder isn’t always easy. And if you own a number of owner-occupied flats, it’s bound to involve a plethora of rules and responsibilities and often a mountain of issues. But dealing with a request to extend a lease or sell the freehold need not be one of them.
If you’re a freeholder of a block of owner-occupied flats, being approached by a leaseholder who wants to extend their lease or buy a share of the freehold (collective enfranchisement) may feel like just another problem you have to address. But in actual fact, with the right support, agreeing to these kinds of requests can make good financial sense.
Though a leaseholder has a right under law to extend a lease, there are some qualifying criteria that have to be met first. As highly experienced property solicitors with specialist knowledge of the range of complexities that govern Leasehold Enfranchisement, we’ll help you understand if your leaseholder is eligible. We’ll manage all the statutory time limits and guide you through the calculation and negotiations for the premium, ensuring you always receive proper compensation for each and every lease extension granted. We’ll also advise you on your right to claim reasonable costs and on your obligations as the freeholder. So whether you own just one property or a portfolio of properties, we can streamline the whole process and help make your investments really work for you.
Selling the Freehold
Whether you’ve decided that you want to unlock the investment in your portfolio of properties or a group of leaseholders have approached you to buy the freehold together (collective enfranchisement), our team of Leasehold Enfranchisement specialists will make sure the sale of your freehold is a smooth and stress-free transaction. We’ll advise you on what you need to do if you want to sell, or what the leaseholders need to show to buy the freehold. We’ll help you, with the assistance of a surveyor, to negotiate a premium that’s high enough to compensate you for the loss of your investment. And at each point of the process, we’ll explain and then lead you through all the legal requirements, notices and time limits, to get the result you want.
And with Gillhams – granting a lease extension or selling the freehold always begins with an initial, free consultation.