The term 'leasehold enfranchisement' includes rights to:
extend a residential lease, and
acquire the freehold
The purpose of those rights is to enable tenants to continue occupation of their residential property at a fair price and on fair terms. It also allows leaseholders to maintain capital value and the ability to mortgage.
Mortgage lenders look unfavourably on leases with less than 70 years left to run.
The exercise of any of the rights below involves detailed procedures. Strict deadlines apply for the service of notices and counter-notices and subsequent steps in the process. Even if a right is admitted, a claim may lapse if time limits are overlooked. Although often referred to generically as 'leasehold enfranchisement', the qualifying criteria, forms of notice and time limits for each right are different, and it is essential before initiating any of the procedures to ensure that each successive step is mapped out and understood.
The valuation process for freehold acquisitions and lease extensions is also complex. Again, the detailed rules for each right are different and specialist advice should be obtained before launching
To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.
**Trials are provided to all LexisNexis content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisNexis services please email customer service via our online form. Free trials are only available to individuals based in the UK, Ireland and selected UK overseas territories and Caribbean countries. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
Banking & Finance analysis: Stefanie Price, partner and co-head of London Real Estate, and Jack McCaw, senior associate, both at Baker McKenzie,...
HM Land Registry (HMLR) has published a blog post an updated avoidable requisitions dataset on GOV.UK. The dataset indicates a 7% reduction in...
HM Land Registry (HMLR) has updated Practice Guide 19—Notices, restrictions and protection of third-party interests. Section 2.5.3 has been amended to...
City Hall has published the Local Remediation Acceleration Plan (LRAP) for London, setting out a co-ordinated programme to accelerate the remediation...
Long leases—mortgage cure rightsForfeiture provisions in rack-rented occupational leases are commonly accepted; this is because those leases rarely have capital value. However, long leases (which usually have a minimal ground rent) are considered to be more akin to freeholds and are likely to have a
A property is being sold by a mortgagee in possession. The title is also affected by a restriction benefitting another individual and made by an order of the court. That restriction is dated after the date of registration of the charge under which the seller is exercising the power of sale. Will the
A landlord who has a superior landlord is granting residential leases of flats. The lease between the landlord and his tenants includes a clause which states 'the Tenant covenants with the Superior Landlord and its successors in title in their own right to observe and perform...' The superior
Floating charges—obtaining a letter or certificate of non-crystallisation in property transactionsWhat is a letter of non-crystallisation?Title due diligence against property owned by a company may disclose the existence of a floating charge.See Practice Notes: Pre-contract searches—Company search
0330 161 1234