Advice on Getting a Leasehold Extension: Alternatives
If you are still unsure about whether to go ahead with a UK lease extension on your property, then there are two other options for you to consider:-
The Right to Manage
Some tenants decide that a simple lease extension isn’t enough and so they decide to get together with a group of their fellow tenants in order to acquire the right to manage their property. This comes with greater responsibility as it requires successful tenants to take charge of the maintenance of their property and set up a right to manage company in order to do this. But if your block is being badly managed, or if the management charges are simply too expensive, taking on the right to manage can save you all a lot of money each and every year.
The right to manage may be a useful option for preserving the value of your flat if you are happy with the length of your lease. The reason for this is that by taking over the management of the block, the leaseholders can ensure that the property remains in good repair, clean and tidy, which will doubtless make the building nicer to live in but also make it more attractive to potential buyers.
Collective enfranchisement ~ get a 999 year lease
This right (also known as freehold or lease enfranchisement or freehold purchase), enables a group of tenants to come together and force the current landlord to sell them the freehold of their property. One particularly attractive part of collective enfranchisement is that each of the participating tenants can extend thier leases to 999 years at a peppercorn (i.e. nil) ground rent, for no premium. If the tenants are successful, they then acquire the freehold themselves along with the responsibilities of the landlord. Again, this option comes with more responsibility than leasehold extension as it involves acquiring the freehold of the property, but if a tenant wants more control over where they live and is not satisfied with the option of a UK lease extension then it is definitely an option to consider.
Which is right for you?
If you are unsure which option would be best for you or would like more information about any one of the above options open to leaseholders, then why not get expert legal advice on getting a leasehold extension. Our legal team will be able to outline the options open to you, along with details of the procedure and costs involved in exercising these property rights as well as the responsibilities attached to them – so you can get a much better idea as to which is right for you.
For specialist advice on UK Lease Extension, Enfranchisement and the Right to Manage – contact us today.
Wherever you live in England and Wales, we can help you – our experienced Lease Extension Solicitors act for clients nationwide, taking instructions by e-mail, phone and Skype – without the need to see you:
- Simply call us on FREEPHONE 0800 1404544 for a FREE initial phone consultation
- Or send us an email using the contact form below