Thursday, 16 May 2013

Courtney Manton for Best Gapp estate agency talks about leasehold enfranchisement

Independent Belgravia estate agents Best Gapp have had a presence in the central London area for over one hundred years. In a recent blog post, Courtney Manton, partner in the firm, talks about leasehold enfranchisement. He has a great deal of experience in the area, having worked for tenants and landlords on many leasehold and freehold properties in the area.

Leasehold enfranchisement is the right for the leaseholder to lengthen or buy the lease to the property they live in. It is often the case in purpose built flats or conversions that buyers purchase their property with a lease length of a certain time. If the lease is short at the time of the purchase it can effect the value of the property.
Buying a lease

Leaseholders have certain obligations to the freeholder and may have to pay ground rent as well as a share of the maintenance costs. The freeholder owns the land on which the property is built and any changes will have to be approved by them.

The process of leasehold enfranchisement can be complicated and Courtney Manton advises looking for expert advice. The length of lease, type of property and price of the lease are all variables that will have to be considered. There are also cases of collective enfranchisement when a group of tenants seek to enfranchise as a group.

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