Leasehold Enfranchisement and Lease Extension
Whether you own a leasehold property or are a freeholder subject to leasehold interests the Practice has extensive experience in providing advice on these matters. We act for landlords and tenants in leasehold matters. We regularly carry out work in the Midlands, Eastern England and North London/Home Counties. We carry out valuations for collective enfranchisement and lease extension purposes under the Leasehold Reform, Housing and Urban Development Act, 1993, as amended by the Housing Act, 1996 and the Commonhold and Leasehold Reform Act, 2002. We also undertake valuations for freeholders and tenants of houses seeking to enfranchise or a lease extension under the Leasehold Reform Act 1967. We act as both expert witness and advocate at Leasehold Valuation Tribunals and have also given evidence to Upper Tribunal.
A long lease is a valuable asset, but as the term of years granted diminishes, the lease becomes a wasting asset. The value of a property decreases as the lease term reduces and this can affect the ability of leaseholders to sell or mortgage their asset. For that reason it is essential for property owners to protect their investment by buying the freehold of their house or, if the property is a flat, by extending the lease, ideally before it has reached less than 80 years.
Owing to changes in legislation or changes in prescribed valuation methodology, many freeholders are not aware of the market value of the interests that they own or how to comply with the legal requirements when faced with a freehold sale, lease extension or a claim for collective enfranchisement. We can help with valuing your interests and advising you through the processes where required. Legislation exists whereby leaseholders have rights to both lease extensions and buying the freehold, providing the necessary qualifying criteria are met.
Service Charge Disputes and Other Lease Matters
We can provide Expert Opinion on a wide range of lease matters including:
- defective leases
- service charge apportionment
- easement and car parking rights
- demise extents
- and the reasonableness of service charges
This advice draws on the specialist GIS and other spatial software skills within the practice.
The Report is submitted as either Part 35 compliant or Advisory.
Further advice is available from Lease at the following link