Make sure your home remains your home
There are certain leasehold and freehold factors that affect the value and security of your home. At Harding Evans, our team has the necessary experience and expertise to deal with your leasehold and freehold issues and make sure that your investment is properly protected.
If your property was sold to you with a leasehold tenure, then ownership of your property will go back to the freeholder (usually the person or company that built the property), once this leasehold tenure expires. If your property is subject to a leasehold tenure, you should consider purchasing the freehold from the freeholder.
Banks and building societies generally refuse to offer mortgages to buyers who want to buy a leasehold property that has less than 50 years remaining on the lease. If you are in this situation and want to sell your property, it is unlikely that anyone looking to purchase your property will be able to, unless they are paying in cash, so the value of the property will be seriously diminished unless you buy the freehold from the person who owns it.
We are highly experienced in dealing with the freehold reversion process quickly and efficiently as know that when clients have a buyer lined up, speed is essential.
Lease Extensions and Lease Renewals
Whether you live in a freehold property or are its landlord, the process of dealing with extensions and enfranchisements is something that always requires professional legal assistance as mishandling the process can prove costly.
If you live in a property but don’t own the freehold, you may want to get it extended, as this serves to protect your investment and add to its resale value. In most circumstances, as long as you have lived in a property for two years or more, you have the right to extend the lease for another 90 years.
If you and a number of other individuals hold long-term leases on a property or linked properties, depending on the circumstances, you can purchase the freehold as a group. This is known as leasehold enfranchisement or collective enfranchisement.
Our team deals with all aspects of leasehold property and freehold property ownership and can help you if:
Get in touch with the team today by clicking here.
Harding Evans is a trading name of Harding Evans LLP, a limited liability partnership, registered in England & Wales (registered number: OC311802), authorised and regulated by the Solicitors Regulation Authority (SRA number: 419663).