Leasehold Flats and Houses

Whether you are buying or selling a leasehold flat or house we can act. 

Need a lease extension? If your lease term is getting close to or or is below 80 years it is advisable that you extend your lease sooner rather than later. This is because it can be much more expensive to extend the lease once less than 80 years are left. 

If you want to sell your flat or house with a term of less than 80 years it is unlikely that you will find a buyer because many lenders will not lend against leases with 75 years or less remaining. 

If you need a lease extension we highly recommend you complete this process before you agree a sale. 

The alternative to extending a lease is to purchase the freehold of  the property. This means that a leaseholder will no longer have to pay  ground rent or be burdened by any restrictions contained in their lease. The leaseholder will become the freeholder.

Since most leasehold properties are blocks of flats, it will normally be necessary for the majority of leaseholders to agree to purchase the freehold together outright; this process is known as collective  enfranchisement, and it can work out cheaper than each leaseholder extending their individual lease.

We do not act on leasehold enfranchisement matters but include this information to make you aware of this option when considering a lease extension. 

More detailed information on collective enfranchisement can be found here:

https://www.lease-advice.org/advice-guide/ce-getting-started/

As well as the option of agreeing or forcing an extension of your lease you might also approach the landlord or agree with them that they sell you their freehold interest in your property. This is particularly attractive for leasehold house owners.