Leasehold Property Advice
Whether a Landlord or a Lessee of residential leasehold property, we provide a comprehensive professional valuation service in this complex and constantly changing area of property legislation.
Provided the Lessees, their property and their Leases meet certain criteria, they can utilise existing legislation and work with their fellow Lessees in the building to compel their Landlord to sell the freehold of the property to them.
Benefits to Lessees in collectively owning their freehold are many but include:
- Being able to control expenditure and deciding when and which improvements to undertake.
- Ability to appoint Managing Agents and other contractors of their choosing.
- Placing of insurance, often on reduced rates.
- No longer having a third party Landlord involved and using ground rent as part of the service charge funds.
The legal process sets out various requirements including the basis upon which the premium to be paid by the purchaser is calculated.
We work alongside your Solicitor to provide you with professional valuation advice.
We conduct negotiations to agree the price and other terms on which the freehold is to be purchased or sold.
Lease Extension Claims
Subject to fulfilling certain criteria, existing legislation enables Lessees of residential property to extend their Lease.
Lease Extensions are often required by purchasers or mortgage companies if the existing lease term is inadequate.
The legislation sets out the basis upon which the premium for the Lease Extension is to be calculated.
We provide valuation advice and act alongside your Solicitor who would prepare notices and deal with all legal matters pertaining to your claim.
We will negotiate terms on your behalf to agree the premium and other terms upon which the Lease Extension is to be granted.
A Lease Extension is sometimes a faster, more convenient and less expensive means of addressing a problematic Lease than trying to purchase the Freehold through a Collective Enfranchisement Claim.
In both Collective Enfranchisement and Lease Extension cases, we will prepare evidence and appear as an Expert Witness at the Leasehold Valuation Tribunal if negotiations fail.