All You Need To Know About Leasehold Enfranchisement

By Author: Grant Saw Solicitors LLP
Total Articles: 11
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The team at Grant Saw Solicitors LLP offers their clients a wide range of legal services that cater for an extensive range of possible needs in the field. The services they deliver take care of both personal legal concerns as well as legal matters in the corporate world. One of the services they offer is leasehold enfranchisement legal support and as many of their clients and future clients might not be aware of exactly what this entails, they opted to share some tips and advice on the topic.
The term leasehold enfranchisement refers to a group of people who own flats in a certain building. They are mostly leaseholders and then they opt to purchase the freehold interest from the landlord of the property. This means that these tenants step out of the control and management systems of the landlord to become their landlords in their own right. They can do so by opting for a long-term lease agreement which can be as long as 999 years, and this will also include no ground rent.
When we take a closer look at the requirements for such an arrangement, we can explore the finer details regarding such an action. The conditions ...
... include that the minimum number of flats in such a freehold is two. It also stipulates that no more than 25% of the freehold building can be occupied for non-residential purposes. Qualifying leaseholders must occupy at least 66% of the flats and at least half of the flat owners must want to be part of the enfranchisement. You can be a qualifying leaseholder if you are at least 21 years old.
What are the benefits of opting for this strategic legal move? The first is that you’ll enjoy greater security and input in your living arrangements. It means that you’ll be responsible for the running of the common areas on the premises and not only be a tenant on the property. When you own the freehold, your liability to pay ground rent falls away completely. It means that there are savings benefits in the situation for those who decide on going down this road.
Another saving will come from not having to pay for a lease extension again as you can extend your lease for a substantial period. When you are merely a tenant, you have very little right to any input in how the property you are staying in gets managed, which service providers take care of the property and how it is maintained. However, this legal action gives you the power to have much greater input in the everyday running of the property, you can have a say in which service providers take care of the premises and how certain aspects of the property should be taken care of daily. This can even go as far as that you can make changes towards various rules and regulations which tenants have to adhere to such as whether they may keep pets or not.
This is the kind of legal action that makes it possible for tenants to enjoy the value of a property without the need to obtain a mortgage. It is often the case that people don’t have the necessary financial support to obtain financing to invest in real estate or that the interest on a bond is far too much to pay and then this is the solution that can give you the independence you might be desiring.
Yet, this is a complex legal matter and not one that you should tackle without having a strong and reliable legal team by your side and it is why so many people choose to work with the team of Grant Saw Solicitors LLP for leasehold enfranchisement legal support.
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