Legislation in various forms since the introduction of The Leasehold Reform Act in 1967 (followed by The Leasehold Reform, Housing and Urban Development Act in 1993 and subsequently The Commonhold and Leasehold Reform Act 2002) has given flat owners the right – subject to qualifying criteria – to extend their leases (individually) or purchase their freeholds (collectively) in order to protect the value of their properties.
However, the legislation is fairly complex and it is important to employ professionals who are experienced in the field of enfranchisement. We have completed valuations and negotiations for many hundreds of flat owners (often against some of the most notorious freeholders) and are committed to getting our clients the best deal possible.
If you are considering following the statutory route and serving an Initial Notice on your freeholder (Section 13 for a freehold purchase or Section 42 for a lease extension), it is important to establish what a fair price (known as ‘premium’) should be. We would recommend therefore speaking to us, with no obligation, before you engage a solicitor so that you have a better idea of the costs involved.
You may have received a Section 5A or Section 5B Notice. If this is the case, please contact us without delay, as there is a fixed time period for getting organised and responding to this offer.
We are also able to advise you if you have received an informal offer from your freeholder. Here we would certainly urge you to seek professional advice. Although the premium may seem reasonable, the freeholder may have, for example, included terms such as an increase in ground rent in the offer, which could make your flat less attractive to potential buyers in the future.
The work we carry out will vary depending on your particular situation.
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