Our property team have a particular specialism in this work which can be significant to investors in properties subject to residential long leases.
Leaseholders of residential property are entitled to extend the lease of their flat or house. Lease extensions can add value to a property for leaseholders, and for freeholders, a lump sum will be paid for extending the lease.
Leaseholders can join together to buy the freehold of their block of flats (“enfranchisement”). The participating leaseholders can extend their leases, abolish ground rents and run the maintenance of the building.A premium will be paid to the freeholder.
Leaseholders can deal with a freeholder privately. However, there is a statutory procedure which gives more certainty, but which sets out a strict procedure and timescales for both landlord and tenant to follow. There can be substantial costs consequences if the procedure is not followed. If a freeholder is served with notice relating to a lease extension or enfranchisement, advice should be sought as soon as possible to ensure the correct procedure and timescales are met.
Bevirs can advise both tenants and landlords in this highly specialised area of work.
BEVIRS LAW are constantly monitoring the Coronavirus (COVID-19) situation. As a responsible employer we have taken the decision to close all our offices to the public, however we remain open and eager to assist our clients with their legal needs at this difficult and challenging time. Our investment in the latest technology means that the majority of our staff are able to work remotely and continue to provide our clients with a high level of service, please do not hesitate to contact us.
We would like to say thank you to our clients, staff and local communities for their continued support.
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