Whether you are extending your lease or buying the freehold, Brooks & Partners have extensive experience in guiding you though the process from start to finish.
Brooks and Partners regularly advise both landlord and tenants on the following:
- Statutory Lease Extensions: The Leasehold Reform Housing and Urban Development Act 1993 allows a tenant to request a lease extension from the landlord where a tenant has occupied a residential leasehold property for two or more years. The statutory terms of the extension would be an additional 90 years to the existing term along with ground rent being reduced to nil.
- Informal Lease Extensions: no specific length of ownership is required with tenants’ free to negotiate terms with the landlord. The landlord is not obliged to enter into negotiations.
- Collective Enfranchisement: this is where a group of leaseholders propose to purchase the freehold of their flat. This can be undertaken by informally negotiating with the landlord or where specific requirements are met, forcing the landlord to sell the freehold.
- Right of First Refusal: this is where a landlord wishes to dispose of their freehold interest and formally offer the flat owners the right to purchase. A formal notice is served with specific time constraints and formalities needing to be followed. To take advantage of the offer at least 50% of the qualifying tenants will need to be happy to accept the offer.
- Applications to the First Tier Tribunal (Property Chamber): this can include appointing a Statutory Manager, varying lease terms, challenging service charges or determining if a breach of covenant has occurred.
For a more informative guide to Leasehold Extensions, download our Guide to Lease Extensions here or contact us on 01276 681217 for more information.
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