In addition to offering professional advice regarding lease extensions of residential properties we can also assist with the process of leasehold enfranchisement or collective enfranchisement. This is the collective purchasing of a freehold by a group of tenants made possible by the Leasehold Reform, Housing and Urban Development Act of 1993.
As with lease extensions our team will work with you to maximise your property asset and will guide you step by step through the enfranchisement process:
- Helping you to establish if enfranchisement is achievable and how many tenants will need to be involved;
- Providing the ‘best and worst’ case scenario, setting your expectations as to the possible outcome;
- Advising you on procedures and processes and ensuring you have considered the finance options and tax implications of the purchase;
- Submission of the claim and handling negotiations (if required);
- Agreeing terms of acquisition and seeing the process through to completion.
Our knowledge of the complex legislation coupled with our considerable experience as expert witnesses and arbitrators ensures that we achieve the best possible results for our clients. So whether you are a landlord or a tenant, our friendly professional team would welcome the opportunity to advise you.
For help and advice regarding the purchase or sale of the freehold of your residential property please contact our team.