The subject of lease extensions and the associated costs have in recent years become much more of an issue locally as more and more flats have leases with relatively low unexpired terms.
The Leasehold Reform, Housing & Urban Development Act 1993 gives leaseholders the legal right to a new lease upon set terms or for the collective purchase of the freehold of the block which is know as Enfranchisement. Freehold purchase can also be particularly useful if leaseholders are unhappy with the freeholder’s maintenance and management arrangements for the block.
Lease Extension and Collective Enfranchisement (freehold purchase) Valuations are a specialist subject and should only be undertaken by Surveyors with relevant expertise.
Julian Wilkins undertakes such valuations and can assist with negotiations with the Freeholder or even provide representation at a Leasehold Valuation Tribunal. We can provide general guidance on how best to proceed and the options available for individual circumstances. If considering any of the options above you are welcome to telephone to discuss your case without any obligation.