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Leasehold EnfranchisementSince Leasehold Reform Act 1967 certain leaseholders of HOUSES had the right to acquire the Freehold or a 50 year extension to the lease. It only applied on leases where there was a “low rent” and on a “long tenancy” (term granted for more than 21 years).
These rights were greatly extended to include FLATS by the radical Leasehold Reform, Housing and Urban Development Act 1993. The 1993 Act introduced the right for qualifying tenants of flats to have the term of their leases extended and the right for the tenants to acquire the Freehold of their building (collective enfranchisement).
At Richard John Clarke we aim to provide advice to both Leaseholders and Freeholders on their rights and obligations under the above legislation. We offer our clients the best advice, at a competitive price, in a timely manner.
Lease Extension - FlatsThe Leasehold Reform Housing and Urban Development Act 1993 (as amended) gives most leaseholders the right to receive an additional term of 90 years added to the existing term, rent free.
Freehold Purchase – Collective Enfranchisement of FlatsThe 1993 Leasehold Reform Act (as amended) gives the right for the qualifying majority of leaseholders acting together to acquire the Freehold.
Qualifying Leaseholders :-
Cost of Lease Extension / Freehold Purchase – PremiumThe Premium is the amount of compensation that the Leasehold pays to the Freeholder for either granting the extended lease at a nil ground rent or for transferring the Freehold to the Collective Leaseholders. This figure is calculated by taking a number of factors into consideration:-
Richard John Clarke will also provide the following services:
In line with instructions given by the RICS, the fees for these services are based on an hourly rate. Please ring to discuss the rate as it varies depending on the complicity of each case, with our most experienced staff dealing with the more complex cases.
If you require assistance on your Leasehold Enfranchisement or Freehold transactions on property, call us now on (020) 8505-2065 or arrange an appointment to visit our office at,Richard John Clarke, Chartered Surveyors, Unit 1, The Galleria, 180-182 George Lane, South Woodford, London, E18 1AY
Premier Estimated Valuation ServiceRichard John Clarke offers a Premier Estimated Valuation Service, the aim of which is to give an estimate for the cost of extending the Lease and or Freehold acquisition.
Prices start from £200 plus VAT. Please call 020 8505 2065 to discuss.
This is only suitable where the client is just interested in a “ball park” figure to enable them to decide whether to proceed any further.
Inspected ValuationRichard John Clarke offers an Inspected Valuation Service which, provides a more accurate Premium.
This in our view is essential prior to the service of any notices.
Richard John Clarke will:-
Association of Leasehold Enfranchisement PractitionersAt Richard John Clarke Chartered Surveyors, we are committed to our Continued Professional Development, therefore, we take an active part and are also members of The Association of Leasehold Enfranchisement Practitioners.
ALEP exists to ensure that valuers, solicitors, intermediaries and others involved in Leasehold Enfranchisement adhered to an agreed level of conduct and service.
Leasehold Enfranchisement Advice LondonOur office is based in London, so if you wish to meet our Leasehold Enfranchisement Expert, you can arrange an appointment at our London office. We can assist and advise on all Leasehold enquiries from throughout the UK.
For a free, no obligation, ten minute consultation, please call our Leasehold Expert on (020) 8505-2065 or email firstname.lastname@example.org.
Also, The Leasehold Advisory Service website may be of assistance. www.lease-advice.org
Block of FlatsDue to London's large population, many London residents live in flats - either renting or owning the flat leasehold. Eventually, the option of purchasing the leasehold or freehold will arise and this can be particularly complicated if you are one flat within a block of flats. If you are in this position and you are considering purchasing the freehold or applying for a lease extension, speak to us for some straight forward advice on the best way to arrange this - you could save a lot of money, time and effort, by discussing with us the basics of leasehold enfranchisement.
Recent Leasehold Enfranchisement or Freehold Transactions
Leasehold Enfranchisement for Flat
Flat in Dryden Close, Hainault, Essex, IG6
Leasehold Enfranchisement Advice on Flat Sale
Flat being sold, Cornwall Gardens, Kensington and Chelsea, London, SW7
Freehold Purchase on Flats
Two flats in Downsfield Road, Walthamstow, East London, E17
Freehold Purchase on Flats
Two flats in Stanley Road, South Woodford, East London, E18
Leasehold Enfranchisement Extension on Property
Marlborough Road, South Woodford E18
Richard John Clarke - Chartered Surveyors