Leasehold Property Advice
Whether you are a landlord or a lessee of a residential leasehold property, we provide a comprehensive professional valuation service in this complex and constantly changing area of UK property legislation. Our advice is always presented in a friendly, clear and efficient manner. We do not baffle you with jargon and legalese. Instead, we ensure you fully understand the obligations, issues and opportunities facing you in this area.
Collective Enfranchisement Valuations and Advice
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.
The Benefits to Lessees
Benefits to lessees in collectively owning their Freehold are many but typically include:
- Being able to control expenditure and deciding when and which improvements to undertake.
- The ability to appoint managing agents and other contractors of their choosing.
- Putting in place the right insurance, often on reduced rates.
- No longer having a third party landlord involved.
The legal process sets out various requirements including the basis upon which the premium to be paid by the lessee is calculated. Our specialist team has significant experience in this field and can work alongside your solicitor to provide you with professional valuation advice and support. We also often conduct negotiations to agree the price and other terms on which the Freehold is to be purchased or sold.
Lease Extension Valuations Claims
Subject to fulfilling certain criteria, current UK 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 current legislation sets out the basis upon which the premium for the Lease extension is to be calculated.
At Grillo LLP our Leasehold Property specialists can provide helpful advice and act alongside your solicitor, who would prepare notices and deal with all legal matters relating to your claim. On our part, we can negotiate terms on your behalf to agree the premium and other terms to enable the Lease extension to be granted.
It’s worth bearing in mind that 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 have also experience of preparing evidence and appearing as an Expert Witness at The First-Tier Tribunal (Property Chamber), should negotiations fail.
Can We Help?
If you would like to discuss any issues relating your leasehold property, please get in touch with our friendly team of professionals on tel 01483 860600 or by emailing firstname.lastname@example.org
Regulated by RICS