Owners of residential flats can force their freeholders to extend their leases (once they have owned their flat for two years). They can also, collectively with other flat owners, acquire the freehold or the right to manage in respect of their block or building. These are particularly important rights for flat owners particularly with shorter leases in difficult economic times.
Not only can we help flat owners to exercise their rights, we can also assist Landlords to minimise the adverse effects of the new changes.
Few flat owners know that (if they have owned their flats for two years) the right to extend can be transferred to their buyer. Therefore the conveyancing process is not delayed. Please contact us for more information before you sell. More and more flat owners are increasingly aware of the importance of extending their leases before they become too short and the cost prohibitive.
The general rule is that if your lease has less than 90 years remaining you should think about extending your lease, especially if the purchase of the freehold with the other flat owners is not an option for you. If your lease has over 80 years to go you need to act urgently before it drops under 80 years and marriage value is payable to the freeholder.
A freeholder wanting to avoid enfranchisement can offer bulk lease extensions. This is helpful for flat owners where there may not be a majority.
We have links with companies who liaise with flat owners for you to achieve this objective.
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