What is Leasehold Reform?
Your 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 your lease under the leasehold reform act. You no longer need to actually live in the property to exercise these rights.
As a group of qualifying leaseholders you may also exercise your right to buy the block from the freeholder, again you do not necessarily need to live in the block to organise this.
It will also be cheaper for you to extend your lease or buy the freehold if you still have 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 your property is being poorly managed and you are unable or unwilling to purchase the freehold.
Advice about Leasehold Reform
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 further information on extending your lease, buying the freehold or exercising your right to manage call Guy Osborn or Shilpa Mathuradas who will be happy to answer your questions.