Lease Extensions & Freehold Enfranchisements
Do you need to extend your lease on your property or organise a Shared Freehold arrangement?
Lease extensions and freehold enfranchisement can be a complex field and the associated claims have their own challenges. There are three categories of claim that leaseholders can use to either acquire freehold or obtain a lease extension. At Samuels Surveyors and Valuers we’ve got the experience needed to deal with all types of lease extensions and freehold enfranchisement.
Extending Your Lease
For those looking to obtain a lease extension then their statutory right is contained in the Leasehold Reform Housing and Urban Development Act 1993 (as amended) and this sets out the procedures for a flat tenant to claim this right. Under the act qualifying tenants have the right to extend their lease by 90 years, paying no further ground rent.
If you own the leasehold of a flat, and your lease is getting shorter, (particularly if it is under, or approaching, eighty years unexpired), to protect the value of your property, you should consider whether you qualify for extending the lease by 90 years (over and above the remaining term of your lease) at a ‘peppercorn’ ground rent.
How to Acquire the Freehold for Your Property
For those that own a house under leasehold they should be able to acquire the freehold by virtue of the Leasehold Reform Act 1967. This process is known as freehold enfranchisement and involves purchasing the freehold title of the property with your co-lessees thereby owning a share of the freehold of the building. At Samuels we can provide a valuation of the premium payable for a freehold enfranchisement.
Under the same act the rights to obtain freehold of a block of flats were given to leaseholders. For larger blocks of flats these claims can be extremely complicated as different owners may have leases of varying lengths. These claims are known as collective enfranchisement claims and will require expert advice and guidance which is where we can help.