Enfranchisement opportunities & challenges in residential property
Leasehold enfranchisement are the rights available to owners of leasehold flats and leasehold houses, whose properties are held on long’ leases, having been originally granted for a term of over 21 years. The rights can either be extending the term of the lease or acquiring the freehold interest.
An agreement for the extension of a lease or the freehold acquisition can be reached between the parties. A landlord may willing to grant a lease extension (effectively a new longer lease) or sell the freehold without the tenants needing to make a statutory claim. This approach doesn’t provide the protection of the statutory framework to give a structure the negotiations.
Where? In theory anywhere in England and Wales.
We are always happy to discuss your own Right To Manage situation wherever you are in England and Wales. Please feel free to call us 01271 386 306
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Rupert Hambly | Director | Peninsula Management