How to extend a lease
In the period between 1967 and 2002, a number of key pieces of legislation were passed which granted new right to tenants. The laws were brought in to reshape the relationship between landlords and their tenants and over the decades a large number of people have sought to take advantage of these rules.
One of the most radical changes was the introduction of leasehold enfranchisement, which gave qualifying leaseholders the power to force a landlord to sell a property and land (otherwise known as the freehold). This is usually achieved by either choosing a purchaser or establishing a company through which the group can jointly make the purchase.
A key condition of leasehold enfranchisement is that it is only open to a group of eligible tenants acting collectively. An individual cannot exercise the right, although under current laws they do have the option of extending their lease.
If enfranchisement is successful, the leaseholders involved will essentially assume responsibility for the day-to-day running of a building. Their duties will encompass everything from handling disputes to collecting service charges.
However, the process of enfranchisement can be notoriously complicated, with plenty of factors to be taken into consideration and some acquisitions being referred to tribunals.
At Carter Lemon Camerons, our experienced solicitors can talk you through what is involved and advise you at every stage of the process.
- Lease extensions and buying the freehold of flats under the Leasehold Reform, Housing and Urban Development Act 1993
- Lease extensions and buying the freehold of houses under the Leasehold Reform Act 1967
- Right of first refusal under the Landlord and Tenant Act 1987
- Right to Manage Companies under the Commonhold and Leasehold Reform Act 2002.