We act for both landlords and tenants with regard to leasehold extensions and enfranchisement. This allows us to understand both parties’ positions and enables us to provide expert and practical advice to our clients. For both parties, the right to leasehold enfranchisement is an essential part of enhancing and preserving the value of property investments.
A lease is a diminishing asset, as the remaining years left under the term reduces, the less value it holds for the tenant. If left unaltered, it will be difficult for the tenant to sell, and problematic for a purchaser to raise a mortgage.
A complex set of statutory provisions deals with the rights of tenants to extend their leases, or to acquire the freehold, whether as the lessee of a flat or house or collectively as tenants of flats in a building.
We have extensive experience of acquiring the freehold or Right to Manage in relation to residential blocks of flats, where a landlord is failing to exercise its repairing obligations under a Lease and allowing a development to deteriorate, thereby reducing the value and enjoyment of flats.
We regularly deal with the following matters in Lease extensions:
- Providing guidance on the process and giving advice on the statutory timetable which must be strictly adhered to.
- Advising landlords and tenants in respect of lease extension and enfranchisement claims.
- Negotiating the terms of the for a new lease.
- The preparation and service of statutory notices and other documents.
- Taking court action in the First Tier-Tribunal and also by way of appeal to the Upper Tribunal, if necessary to settle terms.
- Completing the formalities for the new Lease.
- We work closely with professionals, including expert valuers, which allows our clients to obtain any necessary advice without delay.