Frettens is one of the few firms in the region that have a specialist, dedicated Lease Extension and Enfranchisement Team.
Niki Adkins heads our team of experienced professionals who specialise in helping people with the lease of their flat. The team are based in Christchurch but deal with matters from all over the UK, such is their reputation.
It is generally a good idea to extend your lease sooner rather than later and certainly before the unexpired term falls below 80 years, if possible. This is because as the term of years left on the lease reduces, the value of your flat reduces, but the value of the landlord’s freehold interest increases. A lease extension can therefore enhance the value of your property and assist with its future saleability.
Mortgage lenders are becoming increasingly picky about the properties that they will lend on and short leasehold properties and ground rents are particular issues. A number of lenders now refuse to lend on properties with less than 80 years un-expired or where ground rents are not at a reasonable level. Generally, the sooner you extend your lease the cheaper it will be as the premium payable for a lease extension increases as your lease gets shorter.
A procedure where a group of leaseholders in a block of flats force their freeholder to sell to them the freehold of the building.
The legislation governing this transaction is the Leasehold Reform, Housing & Urban Development Act 1993. Generally, the sooner you purchase the freehold the cheaper it will be. The premium paid in an enfranchisement increases as the flat leases get shorter.