Tenants have the legal right subject to certain conditions to acquire the freehold of their properties, extend their lease or take over the management of their block.
As a landlord, your concern will be to ensure that the procedures are correctly followed and that you achieve the greatest possible return on your investment.
Our property litigation team is able to offer you advice and assistance in dealing with such actions.
A lease is a depreciating asset; the shorter it gets the less value it has. Subject to certain conditions you may have the right to extend a lease. You no longer need to live in the property to exercise these rights.
A group of qualifying leaseholders may also exercise a right to buy the block from the freeholder, again you do not necessarily need to live in the block to organise this.
It is cheaper to extend a lease or buy the freehold if there is in excess of 80 years left unexpired on your lease.
The Right to Manage is a “no fault” right to take over the management of your property, subject to certain conditions being fulfilled. It may be the solution if a property is being poorly managed and you are unable or unwilling to purchase the freehold.
We are able to offer advice and assistance on lease hold enfranchisement, lease extensions and in relation to all of the matters above and would be happy to arrange a visit to your block to discuss the matter with the leaseholders or resident’s association. If you are yet to set up a residents association we can also assist you with this
The firm is also a founding member of the Association of Leasehold Enfranchisement Practitioners.
For advice on lease extensions, buying the freehold, leasehold enfranchisement or initiate a right to manage action please contact Guy Osborn or Shilpa Mathuradas