Our property lawyers have extensive experience in handling even the most complicated leasehold enfranchisement and lease extension cases. If you need a team of lawyers that can help you with a challenging property situation, you can rely on Harper & Odell.
Commercial Lease Solicitors in Clerkenwell, London
This can be a highly complex area of the law with strict statutory time limits, and serious consequences. It is essential that you have the guidance of an experienced legal team when it comes to lease enfranchisement and leasehold extensions, Harper & Odell can help.
To discuss your specific needs and circumstances, call us today on 020 7490 0500, and we will get back to you right away.
What is Leasehold Enfranchisement?
Owners of leasehold property are the owners of the property for a fixed amount of time only and will have a legal agreement with the landlord which details for how long you are to own the property. However, lease enfranchisement allows tenants of a flat block, when acting together as a group, the right to buy and own the building as freehold property.
What Are the Requirements for Lease Enfranchisement?
There are particular requirements under the Leasehold Reform, Housing and Urban Development Act 1993 that a building must meet to qualify for lease enfranchisement. These are:
- That the building must be independent, or capable of independent development
- The building must contain two or more flats
- At least two-thirds of the apartments in the building must be held by qualifying tenants
In rare circumstances, houses may also qualify. However, you should seek advice on the specifics of your property and circumstances.
To be a qualifying tenant, you must hold a lease granted for longer than 21 years, known as a long lease. You must not own more than three flats in the building and must not hold a business lease.
When Can You Request A Lease Extension?
Where you have purchased a property on a leasehold rather than a freehold basis, you may also wish to extend the lease. You will generally be able to request to extend the lease after you have owned the property for two years. There are several reasons as to why you may wish to extend the lease, but it is particularly useful where you intend to sell the property as it can make a significant difference to the price you will get for the property.
Why Harper & Odell?
Here at Harper & Odell, we have built our practice on providing practical solutions for our clients, while remaining sensitive to the cost of our services. Our clients work with us time and time again because we provide advice and assistance specifically tailored to their goals, and deliver this advice in a clear and straightforward manner.
Contact Our Leasehold Enfranchisement and Lease Extension Lawyers Today.
To speak to one of our specialist lawyers about your specific needs and concerns in relation to leases, call us today on 020 7490 0500 or complete our online enquiry form and we will get back to you right away. We look forward to providing you with the advice and assistance you need.