For Lease Extensions and Freehold Enfranchisement in the London Area, Prickett and Ellis are Simply Unbeatable
Here at Prickett and Ellis, we have built our reputation on success and by helping and informing our clients. We have enabled hundreds of people just like you to get a better deal on their lease agreement and facilitate an easier transaction.
Under the 1993 Act if you have owned your flat for at least two years, whether you have ever lived there or not you are, in most cases, entitled to extend the lease. Under the Act the lease extension will be for a term of 90 years in addition to the unexpired lease term and the ground rent will be commuted to a peppercorn (i.e. nil). The majority of leasehold properties would initially have had lease terms of between 99 and 125 years. If the lease was allowed to run its course, ownership would revert back to the Freeholder at the end of the term. If you own the lease to your flat you should consider extending the lease while the unexpired term still exceeds 80 years, as once it falls below this point the price of the lease extension can increase substantially. We are experts in advising you on the process of extending your lease. We will give you the figure we consider to be correct and a worst case scenario. We will also give advice on the figure for the Notice or Counter Notice, if appropriate, and opening negotiations in an attempt to agree without serving Notice. We can carry out all the negotiations and attend Tribunal on your behalf, if this becomes necessary although less than 1% of our cases go to Tribunal.
If you live in a leasehold flat you may be able to buy the Freehold to your building, in conjunction with the other leaseholders, provided that you meet certain criteria, you can act together to buy your Freehold. You do not need to have owned the flat for two years. The process is known as collective enfranchisement and involves the participating leaseholders forming a company which will act as the nominee purchaser to purchase their freehold. To proceed under the terms of The Leasehold Reform Housing and Urban Development Act 1993 at least 50% of the qualifying leaseholders must participate in buying your Freehold. Where there are only two flats in the building, both qualifying leaseholders must participate to purchase your Freehold. Where there is any intervening interest, like a head lease, this must generally be acquired as part of the purchase by the leaseholders.
Meet the team
Managing Director, 020 8442 2491
Surveyor, RICS Registered Valuer, 020 8442 2491
020 8442 2491
Chartered Surveyor RICS, 020 8442 2491
Office/Administration Manager, 020 8442 2491
And one of our experienced surveyors will be in touch as soon as possible.