The right to extend your lease
Leasehold tenants of flats may wish to extend their lease and if a lease has less than 80 years to run it can become increasingly expensive to extend the lease and it may become un-mortgageable the lower the term of years falls. It is possible to try and agree a lease extension with the landlord on a voluntary basis and by negotiation, 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.
The Leasehold Reform Act 1967 gives leasehold tenants of 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.
The Leasehold Reform, Housing and Urban Development Act 1993 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. This is known and Collective Enfranchisement. The procedure is complex and it is advisable to seek the advice of the a specialist solicitor and surveyor when undertaking this process.
Ailsa undertakes lease extensions and Enfranchisement matters, assisting clients locally and throughout England and Wales with:
- 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.