How We Can Help
Our Leasehold Enfranchisement department is here to assist leasehold owners and landlords with any residential leasehold matters.
If you are a leaseholder, we can help you with buying the freehold of your building, acquiring the RTM (Right to Manage) or extending your lease. We are dedicated to helping all of our clients get a fair deal when it comes to leasehold property, and we aim to create a straightforward process.
If you are a landlord, we can help you to sell your freehold and offer advice if you are served with a lease extension or freehold purchase notice.
For more information regarding leasehold enfranchisement, please don’t hesitate to contact property litigation specialists, Daniel Winslow and Mark Davies.
Healys LLP are members of the Association of Leasehold Enfranchisement Practitioners. ALEP promotes best practice by vetting organisations and individuals to ensure they have significant expertise in leasehold enfranchisement. Membership of ALEP acts as a badge of assurance so that flat owners and freeholders can be confident that they are employing professionals with the right level of experience in handling potentially complex transactions.
When Should The Lease Be Extended?
From the perspective of the leaseholder, the answer is always as soon as possible. The longer that time goes by the more expensive the premium is likely to be. Alarm bells should start to ring once the lease term begins to reach the 80 year mark as the cost of a lease extension could become significantly higher if the term is allowed to fall below the 80 year mark.
As a Leaseholder, Do I Qualify for Lease Extension?
Generally, the only qualifying criteria when it comes to an informal lease extension is that you are the registered proprietor of the property.
For a statutory lease extension, you must have a long lease (over 21 years from when it was granted) and you must have owned your flat for at least two years.
I Am a Leaseholder and Want to Extend My Lease, What Is The Process?
An informal lease extension will involve simply asking your landlord for a new lease. There is no formal procedure to follow and we can assist you in making that approach.
A statutory lease extension will involve serving notice on your landlord to let him know the price you propose to pay. You will need a valuer (a qualified surveyor) to advise you on the price and a solicitor to advise you on the process and deal with the documentation.
How Much Will Lease Extension Cost?
The price you pay to your landlord depends mainly on the value of your flat and the length of the lease. In respect of an informal lease, the premium is usually a figure dictated by the landlord and there is often little room for negotiation.
In respect of a statutory lease extension, the price is usually negotiated. If agreement cannot be reached then it is decided by a specialist tribunal. The landlord can ask you for a 10% deposit.
In both instances, you will have to pay your landlord’s legal and surveying costs, plus your own costs, although in the case of a statutory lease extension those costs must be reasonable under the legislation.
What If I Want to Sell Before Extending My Lease?
Do not worry, you can pass on the right to extend your lease to your buyer.
What if I Want to Buy A Flat But Am Worried About the Short Lease?
Your seller can pass on to you their right to extend the lease and you can take over the process on completion.
As a Potential Buyer, Why Extend?
- Extending your lease may help you obtain a mortgage.
- Extending your lease will increase the value of your property.
Member of ALEP
Daniel Winslow, head of Healys Leasehold Services, is a member of ALEP.
The Association of Leasehold Enfranchisement Practitioners (ALEP) promotes best practice in leasehold enfranchisement.
Membership of ALEP is a badge of assurance to leaseholders that the professional they employ has significant expertise in leasehold enfranchisement and the right level of experience in handling potentially complex transactions.