The right to extend your lease
Owners of leasehold flats may want to extend their lease particularly if it has less than 80 years to run, after which it can become increasingly expensive to extend and it might be more difficult to sell the property due to mortgage lender requirements until the lease is extended. It is normally possible to agree a lease extension with the owner of the freehold however the “Leasehold Reform Housing and Urban Development Act 1993” gives the right to extend a lease and provides the formal statutory procedure for doing so, subject to meeting eligibility criteria.
This Act also grants the right, subject to qualifying criteria, for the owners of flats in a building to join together and buy the freehold of that building through a new management company. This is known and Collective Enfranchisement. The procedure is complex and it is advisable to seek our specialist advice when undertaking this process.
The “Leasehold Reform Act 1967” gives owners of leasehold houses the right to buy the freehold from their landlord if they have owned the lease for at least 2 years and the eligibility criteria are met.
Ailsa Monaghan is a senior property solicitor and specialises in leasehold extension and enfranchisement cases, assisting clients throughout England and Wales.
Please call or email Ailsa if you are interested in instructing us to deal with the following:
- Lease Extension applications both voluntary and under the Leasehold Reform, Housing and Urban Development Act 1993
- Freehold Reversion Transfers, both voluntary and applications under the Leasehold Reform Act 1967
- Collective Enfranchisement.
Please contact Ailsa Monaghan on 0191 3896 411 or send her an email