Leasehold Enfranchisement

What is Leasehold Enfranchisement?

Current legislation under the Leasehold Reform, Housing and Urban Development Act of 1993 gives qualifying leaseholders the right to renew their lease or purchase the freehold interest in their building. If they are buying a share of the freehold interest in a communal building this is known as collective enfranchisement and typically applies to blocks of flats or apartment buildings.

It is worth knowing that as the length of a lease in a flat or house declines, the value of the lease often declines along with it. When the lease term falls below 80 years the value of the lease can drop rapidly and the cost of renewing the lease begins to rise.

If you have a Leasehold you should:

• Be clear on the number of years remaining on the lease.
• Begin to think about renewing the lease when the remaining lease time reaches 85-90 years.
• Speak to your Landlord about the potential for renewing the lease.
• Find a Solicitor and Qualified Surveyor to assist with the enfranchisement process and to help you negotiate terms.

At Castles Surveyors we offer a range of services advising leaseholders and freeholders on the premium that is likely to be payable in the case of a lease renewal or enfranchisement process. Over the years we have assisted countless leasehold clients navigate the renewal and/or ultimate purchase of their freehold in an efficient and stress-free manner.

We also work extensively with solicitors in the serving of appropriate notices with regards to the enfranchisement and we carry out negotiations on behalf of clients helping all parties to reach a satisfactory and successful outcome.

Our advice, guidance and work on leasehold enfranchisement is professional, no-nonsense and impartial, delivered at competitive costs. This enables our clients to maintain or improve the value of their property and to secure peace of mind.