This is the term used to describe lease extensions for all leaseholders who own a share of the freehold (it doesn’t matter how this share was acquired; so through enfranchisement, right of first refusal, or you bought the flat with a share of the freehold).
Your rights, and what you get
Generally speaking, if you own a share in the freehold all owners are able to grant themselves a 999 year lease for virtually nothing (i.e. a nominal premium of £1.00 plus legal costs and expenses).
It is important to realise that your lease continues to exist despite owning a share of the freehold. Often it is mistakenly thought that the lease is extinguished once you own the freehold, but this is not correct; your lease continues in full force and effect and so you will need to extend it, but the costs of doing so are minimal.
What location/areas do we cover?
The majority of our work covers the south coast but we also carry out work for leaseholders and freeholders across the country. We deal with small blocks of 2 flats up to blocks containing 30+ flats.
Who do we act for?
The general rule is that we are not allowed to act for both parties in the same transaction as it would be a conflict of interest. However, this area of work is an exception to this rule and we are able to act for the freeholder (who is usually a freehold company created by the leaseholders to own the freehold) and the individual leaseholders. Proceeding in this way can save you significant expense and time.
Why choose us?
At Biscoes we specialise in granting lease extensions to shareholders and our friendly solicitors are able to guide you through this process. Gillian has a wealth of experience in this area. We are listed in the directory of LEASE. We can deal with your matter should you need to make an application to the County Court of the First-tier Tribunal.
If you are a leaseholder with a share of freehold and you wish to discuss a lease extension then please do not hesitate to contact Gillian Cowling on 02392 660261 to discuss your situation and requirements.