Our Lease Extension and Enfranchisement solicitors in Hornsey will help you exercise your right to extend your lease whether you’re an individual or a group of leaseholders looking to claim enfranchisement over your freeholder.
If your lease has an unexpired term remaining of 80 years or less we strongly advise that you extend the lease immediately. A lease with 80 years or less left to run is liable to an additional valuation called marriage value. This is a further amount the tenant is required to pay in addition to the premium to extend the lease and in some cases can increase the price payable to extend the lease substantially. In addition to this, mortgages can be difficult to obtain if the lease has less than 60 years to run. This is also likely to put off potential buyers.
However, obtaining a Lease Extension or applying for Collective Enfranchisement can be complex and certain qualifying criteria must be met before an application can be made. The base criteria for both avenues is detailed below.
We’d always recommend speaking to an expert if you’re unsure whether you meet the criteria to be able to extend your lease or pursue enfranchisement. Our Lease Extension and Enfranchisement solicitors in Hornsey are happy to discuss your matter in more detail and can be contacted on 0330 058 4011 or via the form here.
Head of Enfranchisement
- The original lease must have been granted for a term exceeding 21 years
- The leaseholder/tenant must have been registered as owner of the property for at least 2 years (they do not have to be in occupation)
- If you satisfy the qualifying criteria then a notice can be served on your landlord/the freeholder, requesting a new lease.
- If the parties are unable to agree a premium to extend the lease then the leaseholder can make an application to the First Tier Tribunal (Property Chamber) for a decision. This application must be made within six months of the date of the the Landlord’s Counter-Notice.
Qualifying for an individual Lease Extention
- Two thirds of the flats must be owned by tenants whose leases were originally granted for at least 21 years
- The Leaseholder does not own more than 3 flats or more in the same building. However if such a owner is present their properties will be discounted for the purpose of calculation to reach the eligible percentage
- The participating Leaseholders must own at least half of the flats in the building, and they must own at least two flats in total. It does not matter whether the flat is owned by an individual or a company or whether the owner resides in the flat or not.
- If the building is partly non-residential, the non-residential part must not be more than 25% of the building.
Qualifying for Collective Enfranchisement
Why use Setfords for Lease Extension and Enfranchisement matters?
- We offer a friendly and personal service which is always timely and relevant.
- We can provide expert advice at a competitive price.
- Upon instruction you’ll deal with an experienced solicitor from start to finish.