Many years experience in handling leasehold enfranchisement matters
Clients that live in flats or other accommodation that is held on a long lease may have a right to buy the freehold of their building. The right is granted by law; the Leasehold Reform and Urban Development Act 1993. The law sets out a complicated process to follow and typically all the tenants in a building join together to make the purchase. This process is known as “Leasehold Enfranchisement”.
Benefits to enfranchisement
There are many benefits to enfranchisement. All too often buildings are managed by management companies that either do not attend to problems or charge excessive amounts for their services. Enfranchisement puts tenants in control; they can choose what work should be done and make sure that they get value for money from the builders they engage to do it. Typically, enfranchisement will either enhance the value of a property or make it easier to sell, although this will of course vary from case to case.
Advice for landlords
Landlords who are faced with an application for enfranchisement should first seek advice that the building qualifies; not all of them do. If it is impossible to resist the application it is still important to ensure that fair value is paid, and that any sums due from tenants are also paid.
Our team has many years of experience in handling this process, advising both tenants and landlords.