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Lease Extension and Enfranchisement

///Lease Extension and Enfranchisement
Lease Extension and Enfranchisement2018-07-26T16:58:50+00:00

Lease Extension

Having a short lease on a leasehold property can seriously affect the price of your property and your ability to sell it. This is particularly the case if your lease has less than 80 years to run otherwise the Landlord is entitled to what is called “marriage value”. This can substantially increase the price payable.

You can ask your landlord to extend your lease at any time by up to 90 years if you own a flat or by 50 years if you own a house. However there are certain requirements you need to fulfil first, possibly one of the more important ones being that you have to have owned the property for at least two years prior to submitting the request.

We can explain all the intricacies of extending your lease.

Our experienced team of solicitors, have many years’ of residential conveyancing experience and we can provide a detailed quote to complete your lease extension. You can also use our handy Lease Extension Calculator tool.

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Click here to use our free online lease extension calculator

Enfranchisement – Buying the freehold

Probably the most frustrating aspect of owning a leasehold property is the lack of control over management of the building. Unless you are lucky enough to own a share in the freehold or management company you may find that you have battles over spiralling service charges, inefficient management or both.

If you also are in a block with other leaseholders, a majority of whom have short leases, you should be aware that you may have the right to purchase the freehold. If you can gather sufficient support from your fellow leaseholders, you may find that this is a more cost-effective solution to the depreciating value of your lease than each of you separately applying to extend your lease.

If you would like to know more or need our help please call us now on 020 8514 9000 to speak with one of our specialist property lawyers

“Edwards Duthie Solicitors,
your Legal experts, always here to help”

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