Leasehold

We can assist with your sale or purchase of leasehold property.  Click here for our conveyancing services.

Owners of leasehold properties have more rights than many people are aware of.  The four main ones are:-

• Buying the freehold.  A group of leasehold owners can require the landlord to sell the freehold of a building to them.  This is called Leasehold Enfranchisement.
• Extending your lease.  Individual leaseholders can demand a 90 year extension of their lease from the landlord.  A payment must be made for that term extension.
• Right of first refusal.  When a landlord proposes to sell a building he must first offer it to the leaseholders.  If a landlord fails to do so he may be subject to prosecution.
• Right to manage.  If the leaseholders are unhappy with the landlord’s management of a building they can apply to the Leasehold Valuation Tribunal to appoint a new manager or they can enforce new management arrangements.

Additional rights include:-

• The requirement for a landlord to provide information such as a summary of service charges and insurance details.
• Consultation on major works.  A landlord cannot undertake major works without first consulting with the leasehold owners.  If the landlord fails to do so he may not be able to recover all the costs for the work.
• Charging service charges and administration costs.  Leaseholders can apply to the Leasehold Valuation Tribunal to obtain a determination of the reasonableness of a landlord’s or management company’s charges.
• Consultation on long-term agreements.  A landlord must consult with leaseholders before entering into contracts for services to exceed a period of 12 months.

The rules relating to all these aspects are complex and so it is important that you consult a solicitor who has specialist knowledge.  We have extensive experience of dealing with a wide range of leasehold issues.

We may be able to add substantial value or improve the marketability of your leasehold property or resolve long outstanding management issues.  Please ring us to discuss any questions or concerns you may have.