Do you own a leasehold property that you would like to investigate extending the lease on or purchasing the freehold? At Bolt Burdon we are specialists in this area and can guide you through the processes you need to follow to enable you to do this.
Normally when you purchase a leasehold property you will have well over 80 years left on the term of your lease. The 80 year term is important as when your lease is less that 80 years long you will have to pay the “marriage value” as well as the normal premium. Over time this will naturally diminish and you will need to increase the term either as you are getting close to the 80 year limit or you have less than that time and need to extend to be able to sell your property. Further details on the process can be found on our Extending your Lease information page.
If you live in a block of flats where more that 50% of the owners are interested in purchasing the freehold then we can again guide you through this process. You firstly need to speak to the other leaseholders and find out if over 50% of you are interested. Once you have this confirmation we can advise you on the next steps you need to take. Further details can be found on our Buying the Freehold Interest of a block of Flats information page. This page also has information for the purchase of the freehold interest of the house where you own the leasehold title to the whole house.
Sometimes the landlord will decide to sell the freehold interest he owns in the property and as the leaseholder you will have the right of first refusal. This will normally be communicated to you by a letter from the freeholder confirming his intention to sell and asking if you are interested in purchasing it. Should you receive such a letter we can deal with the legal aspects for you in purchasing the freehold and further information can be found on our Right of First Refusal information page.