Leasehold enfranchisement

 

Some clients that live in flats or other accommodation held on long leases will have a right to buy the freehold of their building. The right is granted by law; the Leasehold Reform and Urban Development Act 1993. The law sets out a complicated process to follow and typically all the tenants in a building join together to make the purchase. This process is known as “Leasehold Enfranchisement”.

 

There are many benefits to enfranchisement. All too often buildings are managed by management companies that either do not attend to problems or charge excessive amounts for their services. Enfranchisement puts tenants in control; they can choose what work should be done and make sure that they get value for money from the builders they engage to do it. Typically enfranchisement will either enhance the value of a property or make it easier to sell, although this will of course vary from case to case.

 

Landlords faced with an application for enfranchisement should first seek advice that the building qualifies; not all of them do. If it is impossible to resist the application it is still important to ensure that fair value is paid, and that any sums due from tenants are paid.

 

We have handled this process many times, advising both tenants and landlords. If you would like our advice please contact Jonathan Mathers.

 

To make a no obligation enquiry click here.

Principal contacts

 

Jonathan Mathers

Jonathan Mathers

 

Tim Fox

Tim Fox

 

Tim Mendes da Costa

Tim Mendes

 

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