Lease Extensions and Property Management
You could trust to luck.
Or you could let us help you control your property.
Do you own a leasehold property? Would you like to consider extending the lease or even 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 expect to have over 80 years remaining of the term. The 80-year term is important because when your lease falls below 80 years you will have to pay “marriage value” as part of the overall premium paid to extend your lease. This means that the cost of extending your lease can rise significantly. Further information can be found on our Extending your Lease information page.
If you live in a block of flats where more than 50% of the owners are interested in purchasing the freehold then you may be able to purchase this from your landlord. This process is often referred to a Collective Enfranchisement. Further information can be found on our Buying the Freehold Interest of a block of Flats information page. What if you own a house subject to a long lease? Did you know that you could also ask your landlord to sell the freehold to you? The 1967 Leasehold Reform Act provides a statutory framework to achieve this. Again further information can be located on the information page referred to above.
Occasionally your landlord may decide to sell the freehold interest he owns in your building to a third party. Usually your landlord will issue you with a Notice, often referred to as a Section 5 Notice, which in these cases affords to you the right of First Refusal, i.e. the right to purchase the freehold first and for the price provided in the notice. Should you receive such a Notice we can assist you in responding to this and securing your right under the relevant legislation. Further details can be found on our Right of First Refusal information page.