Freehold acquisition and leasehold extension
The current economic climate offers some surprising opportunities for home owners. As the property market is indisputably softer, it may be a good time to initiate lease extension/enfranchisement claims, and therefore fix valuation dates.
The recent announcement by the Chancellor details grants for a one year extension of the Stamp Duty-free band, so that premiums payable for lease extensions/freehold enfranchisements up to £175,000, are Stamp Duty exempt.
Cramer Pelmont will advise you through every step of this complex process and, by providing a report and acting in the lease extension negotiations, could save you considerable sums of money.
What is a lease extension?
As an individual tenant you may have the right to a new lease of your flat. Legislation allows you to buy a new lease with a term of 90 years plus the remainder of the term of your existing lease. The process of buying a new lease is very similar to collective enfranchisement. We will advise and assist you throughout every stage of this process.
What is Collective Enfranchisement?
Collective enfranchisement is the right of leaseholders to buy the freehold of the building in which their flats are situated. Owning the building will give the leaseholders complete control over their building. We can help you to achieve this.
What we do:
- Assess your eligibility to buy the freehold
- Help you choose a surveyor who can advise on the likely purchase price of the freehold
- Prepare a Participation Agreement
- Help you to form a company to buy the freehold
- Prepare and serve a notice on your landlord which begins the process of enfranchisement
- Register the notice at the Land Registry
- Where the freeholder will not accept your offer price, prepare your application to the Leasehold Valuation Tribunal, comply with its directions and arrange for your representation at a hearing
- Complete all conveyancing formalities associated with the purchase