If you own a leasehold property, purchasing the freehold or extending the lease can be a vital way to maintain or increase its value. Because the land is owned separately by a landlord, it can be hard to sell a leasehold property or raise a mortgage for it. Our expert solicitors have extensive experience in a wide range of leasehold enfranchisement options, including: Lease extension Individual purchase of the freehold Collective enfranchisement (where a number of tenants wish to buy the freehold) Right to manage (tenants take management of a building without buying the freehold) Tenant's right of first refusal to buy the freehold of a building Auction sales and rights of first refusal Residential management matters such as Deeds of Covenant or Licences for Alterations Residents Associations You only own a leasehold property for the extent of the lease - your landlord has permanent ownership, or 'freehold' of the land and building. When the time left on the lease of a flat drops below 80 years, the property becomes significantly more difficult to sell. The premium payable to the landlord for extending the lease also goes up. This has a considerable effect on its market value and may have implications for your future financial plans. As a leasehold tenant you are also restricted in what alterations you can make to the property, subletting and the use of the property. Leasehold enfranchisement can raise the value of your property and offer you more security. Whether you are a landlord or an individual tenant or part of a group, we can advise you of your rights. Call today for a no obligation consultation on 0370 1500 100 - or fill out our online enquiry form. Offices across the country Leading team of experienced and knowledgeable property lawyers Transparent costs Approachable service no jargon For general enquiries 0370 1500 100 Or we can call you back at a time of your choice Request a call back Phone lines open 24/7, 365 days a year Contact us today For a free initial consultation Freephone 0370 1500 100 Prefer not to call? Use our form Your name* Your email* Your phone number* How can we help?* This data will only be used by Irwin Mitchell for processing your query and for no other purpose. Leigh Shapiro Partner Meet The Team
Leasehold Enfranchisement - More Information What Is Conveyancing? The term 'conveyancing' covers all the legal and administrative work needed when buying and selling property or transferring ownership of land and buildings from one person to another. For a standard transaction this might include: Investigation of the title of the property Document preparation Writing and exchanging contracts Payment of Stamp Duty Land Tax Registration at the Land Registry. There are many legal requirements which need to be met before a change in ownership of any property can take place. The process can be complicated and stressful but our team of specialist conveyancing solicitors will help make your transaction as smooth as possible. Read more in our Conveyancing Guide. What Does Conveyancing Cost? The exact costs will depend of the nature of your transaction but can include: Conveyancer's fees plus VAT Search expenses Freeholder fees Stamp Duty Land Tax Land Registry fees Our Conveyancing Fees Calculator can provide an instant quote for the costs involved with buying, selling or remortgaging a property up to the value of £500,000. It will calculate our legal fees and the Stamp Duty to pay as well as estimating the Land Registry Fees and Search Fees for your transaction. Meet The Team Our Conveyancing and Property solicitors form one of the largest and most experienced teams in the country. Members of our team are regularly recognised as leading experts in their field by top legal directories Legal 500 and Chambers & Partners. Whenever you contact our team you can expect friendly, enthusiastic advice and support. We understand that buying or selling property can be a complicated and stressful process which is why we are dedicated to making your transaction as simple and stress-free as possible. Meet our team of expert conveyancing and property solicitors. The service I received was outstanding. It made the process of selling my house much less stressful." Ms C, Client