Lease Extensions, Collective Enfranchisement and the Right to Manage
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 or, together with your fellow leaseholders, purchase the freehold of your block.
Under recent legislation you no longer need to actually live in the property to exercise these rights. 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.
We are able to offer advice and assistance in relation to all of these matters and would be happy to arrange a visit to your block to discuss the matter with the leaseholders or resident’s association.
The firm is also a member of the Association of Leasehold Enfranchisement Practitioners.
