Legislation gives flat owners the right to extend their leases or collectively
purchase their freehold, subject to certain conditions. However, in a
few cases flat owners will not be eligible for either. The ability to
proceed with either has substantially improved under The Commonhold
& Leasehold Reform Act 2002 and has particularly helped where there
are non-resident flat owners.
Eligibility is determined by factors such as the lease length, where
the flat is situated and your particular circumstances. You can exercise
your right to a lease extension individually, but freehold acquisition
must be undertaken by groups of at least two flat owners.
It is possible to negotiate informally with freeholders outside the legislation,
which means that even those not eligible can often still take part.
Although the criteria can be summarised simply, the various Acts' rules
are quite complex and each case is different.
If you are not already in contact with Leasehold Solutions regarding
a particular transaction, please contact us to determine whether you are
eligible for lease extension or freehold acquisition
.
For further information on extending your lease or buying your freehold,
please call us free of charge on 0808 1311 109, email us at info@leaseholdsolutions.com
or complete our online form.
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