Lease Extension (Enfranchisement Flats)
A lease with a term of less than 125 years may impact on the value of your property and its saleability. In additions increasing ground rents onerous lease covenants can hinder your use of the property. However, the law does give leasehold owners of flats and houses the right to extend their lease if they fulfil certain statutory conditions. Excercising the right to extend your, technically results in the leaseholder acquiring a new lease where the rents and covenants can be renegotaited as wells as the term of the lease.
The right of long leaseholders to acquire an extended lease term is unique to England and Wales and so expectedly the process can be highly complicated. Obtaining a lease extension can be a legally difficult procedure, which can be exacerbated by reluctant freehold owners. Although there are an array of professionals, professing an expertise in this area, it is vital to consult professional solicitors as this gives you certain advantages. Monarch Solicitors can manage the process from start to finish, ensure co-operation between the leaseholders and freeholders, and ensure that a solid, legitimate enfranchisement arrangement occurs and is then registered at the Land Registry.
For a free 30 minute consultation with one of our expert Residential Lease Extension Solicitors in Manchester or London, please contact us on 0161 820 8888 or 0207 592 0806. Alternatively, fill in our online enquiry form below, for a call back.