Extending the term of your lease on a leasehold property helps to preserve the value of your lease and can make it easier to sell your home. If your lease only has a short term remaining it is less attractive to potential purchasers and may be difficult to mortgage. We recommended that you extend the Lease while it still has 80 years or more to run, as the price payable for a Lease extension increases when there are less than 80 years left to run on the Lease.
Leasehold enfranchisement is where leaseholders seek to purchase the freehold of their property. Over 50% of the tenants of flats or apartments in a building must act together to do so. The main advantages of enfranchisement for the tenants are that the tenants can grant themselves new leases and take control of the management of the building.
At RG&Co our experienced staff can advise as to whether you meet the criteria to require the freehold to be sold to you.