Leasehold Enfranchisement

By Author: Gareth Hoyle
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Leasehold Enfranchisement

Leasehold enfranchisement can afford you, if you already own the leasehold on a flat or other residential property, the opportunity to purchase the freehold of the property from the current freeholder. While it can cost a reasonable amount of money to go through the entire process, owning the freehold will increase the value of your property by more than it cost you to purchase it in the first place. There is legislation in place that ensures you can legally complete the transaction too.

Leaseholders have a number of legal rights and these are described in both the Leaseholder Reform, Housing and Urban Development Act of 1993 as well as the amendments that were made by the Commonhold and Leasehold Reform Act 2002. These will give you a clearer understanding of your legal rights and they will also provide you with an insight into the process that is required to complete the purchase.

Leasehold enfranchisement can prove to be a complex and time consuming affair and it will cost you money in the short term. However, if you are looking for a way to add value to ...
... your property then this can really add value. You will almost certainly be repaid for your time and investment into the process although you should employ the service of a professional enfranchisement company to take over the work for you.

Unless you are a skilled surveyor and solicitors that is experienced in dealing with leasehold enfranchisement then you would be best advised to employ the services of a professional to do this work for you. This will help avoid any potential mistakes during the process and it will ensure a swift and accurate completion to the whole affair.

Adding value to your flat or other residential property is important. Even if you aren’t looking to sell the property immediately, by adding value without having to undertake lengthy refurbishment or rebuilding work, you can make your property a more appealing prospect to buyers and investors. Leasehold enfranchisement is one way of doing exactly that and there is legislation in place that means you have a legal right to complete the process.

When in need of Leasehold Enfranchisement or a lease extension georgepope.com
can help, with our wealth of experience allowing us to give you the best advice and services on all leasing queries.