Lease Extensions & Freehold Acquisitions
The Leasehold Reform (Housing and Urban Development) Act 1993 provided qualifying leaseholders with a statutory framework to extend their lease by an additional 90 years or reduce the ground rent to a peppercorn or to collectively purchase the freehold of a qualifying building should the requisite number of leaseholders participate.
Many people ask what is leasehold? Leasehold essentially is ownership for a defined number of years but where you pay a substantial amount of the “rent” upfront by way of premium. Leasehold is an investment, however an investment which needs protecting. Many leaseholders chose to safeguard their investment by extending their lease or collectively getting together with their fellow leaseholders and buying the freehold. In some instances Freeholders may wish to sell the Freehold and they are statutorily obliged to offer the freehold to the lessees in the first instance and this is known as the Right of First Refusal.
At YVA we have a specialist department who will assist with any leasehold enfranchisement requirement and who have extensive expertise in this field.
We can assist with:
- Statutory and Informal Lease Extensions;
- Statutory and Informal Collective Purchases of the Freehold
- The Right of First Refusal;
- Right to Manage Claims;
- Appointment of a Manager;
Our team use their commercial awareness to navigate a matter and provide a client with their full, frank and sound advice.
Our focus is to inform, advise, navigate and complete a transaction cost efficiently and expeditiously.
We have vast experience in acting for both Freeholder and Leaseholder clients and we are proud members of the Associate of Leasehold Enfranchisement Practitioners. We have also written articles which have been featured on the Leasehold Advisory Website and News on the Block.
Should you require any further information please do not hesitate to contact us on 020 8445 9898 or 020 7493 7888
- 12 Good Rules on Extending your Lease
- Communal Repairs Q&A