Leasehold properties can be complicated. We have the specialists who can help.
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If you are looking to extend your lease, or purchase the lease of a set of flats, Roythornes can help. Our lease extension team has the experience to make the legal side of the process of extending your lease as trouble free as possible.
There are many firms in London and big cities who can handle leasehold enfranchisement, but not so many in the regions. Roythornes’ ability and in depth knowledge makes us one of the few.
In fact we are instructed by many London surveyors and estate agents in leasehold extension work because they realise they can receive a first class service at a very competitive costs.
This is a specialist area of law and there are many potential dangers which we can help you avoid. There are set procedures and timescales to be followed and deadlines which we will ensure you meet.
Flat owners were given rights in the Leasehold Reform, Housing and Urban Development Act 1993 (‘the 1993 Act’) to extend their existing leases by 90 years, in addition to the remaining term and for a peppercorn rent (effectively no rent).
As your lease diminishes so does the value of the property. By seeking to extend your lease you will, in return for a premium determined by the formula set out in the 1993 Act, increase that value. And if you have over 80 years remaining on your existing term you will avoid having to make an additional payment for something called ‘marriage value’. In other words if the remaining term on your lease is approaching 80 years, now would be the time to extend.
Is the collective purchase of the freehold by the flat owners in a building. Again, there is a set procedure to follow and you will need at least 50% of the tenants to participate in the claim. But by taking this step you will be able to manage the building and control the service charges. You will also be able to grant long leases (999 years, at a peppercorn rent). A leasehold valuation will be needed and we can advise you on where to look for someone suitable to provide this for you.
We can also advise you on rights of first refusal and on your right to manage.
When considering a lease extension, you should be careful who you choose. Extending a lease can be a complex process and only firms with the right level of experience should be trusted with the work.
Roythornes has over 75 years property experience. We are one of the top 150 law firms in the UK and Lexcel accredited.
We can offer you a high level of service and technical expertise at very competitive costs. We are based in Lincolnshire, which means the rates we charge are often lower than those obtainable in the big cities, yet the service we give is just as good, if not better. We are small enough to maintain that all important personal contact.
You may be thinking about location, but don’t worry. From our head office in Spalding, we handle lease extensions from across the UK.
If you are considering a lease extension, speak to Gavin Livsey about our leasehold enfranchisement package. With competitive rates, a personal service, all backed up by one of the top 150 law firms in the country, it’s a call you will be glad you made.