Leasehold Enfranchisement

Are you a current Leaseholder who wishes to extend your lease or purchase the freehold as a group of flat owners? If so Robin Austin Surveyors are able to assist you in this matter.

Under the provisions of the Leasehold Reform Housing and Urban Development Act 1993 (as amended by the Housing Act 1996) and the Commonhold and Leasehold Reform Act 2002) you have the right to buy the freehold interest or extend the lease as long as the Leasees has owned the flat for 2 years.

There are a number of essential considerations and in particular if you own a property that has the benefit of a 99 year lease, the value of your property is likely to drop significantly (as is it's saleability) unless you extend your lease under the provisions of the Act.

In respect of a group of flat owners wishing to purchase the Freehold Interest, again the Leasees have the right to buy the Freehold Interest so long as the building qualifies and at least 50% of the Leasees are participating in the purchase. You can still qualify to purchase the Freehold, but more importantly if other leaseholders do not exercise their right they will only be able to obtain lease extensions at a later date.

Robin Austin Surveyors Ltd can provide you with excellent valuation advice in respect of such matters. Please feel free to contact our office in order to provide you with an overall opinion and fee scale.