Governed by the Leasehold Reform, Housing and Urban Development Act 1993 (as amended), it is important to understand the legal framework for customer seeking a lease extension service. The Leasehold Reform, Housing and Urban Development Act 1993 is the legislation that gives qualifying leaseholders the right to extend their lease by 90 years with no further ground rent payable, by paying a premium to the freeholder. To qualify for a lease extension, you must meet certain criteria, such as owning the property continuously for the last 2 years, and the lease must have been granted for more than 21 years at the time of initial contract. Additionally, your landlord cannot be a charitable housing trust, and the lease cannot be a business or commercial lease.

Our Lease Extension Valuations take into account a range of factors in accordance with Schedule 13 of the 1993 Act, including the loss of ground rent to the Freeholder, the cost of deferment of possession, half of the Marriage Value, and compensation due to the Landlord. We will provide you with a comprehensive report that includes the Premium, details of how we calculated this figure, and best and worst-case scenario valuations. Our lease extension valuation will equip you with both the lowest and highest figures to enter into negotiations with, and if necessary, we are equally happy to represent your interests at a First Tier Tribunal. With our expertise and experience, we can help you negotiate a cost-effective lease extension that protects your investment and ensures the long-term value of your property.

Therefore, whether you need to serve notice to your Freeholder or negotiate informally, our team is equipped to handle your needs. Don't let a diminishing leasehold value impact the value of your property. Contact us today to learn more about our Lease Extension services and how we can help you secure a cost-effective lease extension.

Collective Enfranchisement

Helping you secure a freehold, our team are here to help!

At Nicholas & Co. Surveyors, we offer a Collective Enfranchisement service to help leaseholders exercise their right to buy the freehold of their building under the Leasehold Reform, Housing and Urban Development Act 1993. This process is commonly known as collective enfranchisement.

Collective enfranchisement allows leaseholders to take control of their building by purchasing the freehold from the landlord. This means that they will no longer have to pay ground rent or service charges, and they will have greater control over the management of the building.

Our team of legal experts has extensive experience in guiding leaseholders through the collective enfranchisement process. We can provide you with a comprehensive understanding of the requirements and procedures involved in this process, ensuring that you are well-informed and confident in your decision-making.

We can assist you with all aspects of collective enfranchisement, from drafting the initial notice to the landlord, to negotiating the purchase price of the freehold. We will work closely with you to ensure that your interests are protected, and that you achieve the best possible outcome.

Our collective enfranchisement service is designed to be cost-effective and efficient, and we are committed to providing you with a high-quality service that meets your needs. If you are a leaseholder and are interested in purchasing the freehold of your building, please contact us today to discuss your options. 

Frequently Asked Questions

What is a Lease Extension service?

A Lease Extension service involves extending the lease of a property, typically a residential property nearing 80 years or end of its lease term.

What are the benefits of a Lease Extension service?

A Lease Extension service can provide security of tenure for the leaseholder, increase the value of the property, and potentially reduce ground rent.

Who can benefit from a Lease Extension service?

Anyone who is the leaseholder of a residential property and whose lease is nearing expiration can benefit from a Lease Extension service.

How does a Lease Extension service work?

A Lease Extension service involves negotiating with the landlord to extend the lease, either informally or through a formal process. The cost of the lease extension will depend on various factors, such as the length of the lease extension and the current market value of the property.

How can I book a Lease Extension service?

To book a Lease Extension service, contact our team who will be happy to discuss your requirements and provide you with a quote. We can guide you through the process and handle negotiations with the landlord on your behalf.

What is Collective Enfranchisement?

Collective Enfranchisement is the legal right of leaseholders of flats to acquire the freehold of the building in which their flat is located, along with any common parts, such as the entrance hallways and staircases.

Who can benefit from Collective Enfranchisement?

Any leaseholder of a flat in a building with two or more flats can potentially benefit from Collective Enfranchisement.

What are the benefits of Collective Enfranchisement?

The benefits of Collective Enfranchisement include taking control of the management of the building, reducing service charges, increasing the value of the property, and having more say in major works and repairs to the building.

How does Collective Enfranchisement work?

Collective Enfranchisement involves a formal process of serving notice on the landlord, followed by a period of negotiation and potentially a tribunal hearing to determine the price to be paid for the freehold.

How can I book a Collective Enfranchisement service?

To book a Collective Enfranchisement service, contact our team who will be happy to discuss your requirements and provide you with a quote. We can guide you through the process, handle negotiations with the landlord on your behalf, and help you to acquire the freehold of your building.

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