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Rights to extend Long Leases or purchase Freehold
In certain circumstances a tenant with a long lease (ordinarily of over 21 years) has the right to either extend the lease (for a period of up to 999 years) or purchase the freehold of the building on a joint basis with any other tenants of the same property. This will include and shared or common areas such as the access, garden of parking areas.
The process, known as enfranchisement, is commenced by the eligible tenants sending an initial notice to the freehold owner and/or landlord in a set form, which will need registering at the Land Registry if the land is registered for this to bind any prospective purchasers.
The freeholder in turn can object on specified grounds and at that stage negotiations can be entered into as to the terms of any purchase or extended lease.
Careful consideration of the freehold and leasehold ownership will need to be undertaken to establish eligibility, and/or swift action taken should a landlord or freehold owner receive a notice so as to ensure key deadlines are not missed and any rights to object lost: as well to ensure the best terms can be obtained.
Elliot Mather’s specialist team are on standby to help and provide swift and cost-effective advice as well as assisting with any negotiations with local and national surveyors.
- Property issues
- Landlord and tenant disputes
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