What is leasehold enfranchisement?
- A lease extension of 90 years to the current long lease of a flat
- Leasehold enfranchisement in certain circumstances allows long leaseholders to acquire the freehold interest in a house
- Or, collectively with neighbours, the freehold interest in a block of flats
How do I go about enfranchising my property?
If you are interested in taking advantage of enfranchisement legislation you must seek the advice of a lawyer who can advise you about your rights, and a surveyor who can advise you how much you can expect to pay for the interest you will be purchasing.
What happens when a claim is made?
We act as swiftly as practicable, usually acknowledging receipt by return of post.
Solicitors and Surveyors. On receipt of a claim we will instruct our solicitors, who review the legal aspects of the claim, and our surveyors to value the interest for us. We also appoint referencers to prepare a plan of the premises.
Create Plans. Accurate and up to date plans are required by both parties for use in the lease and/or transfer and in the valuation process. The property will need to be inspected so these plans can be prepared. We are grateful for any co-operation that can be given in expediting this and ultimately, this helps the claim move more quickly.
Residential Property Tribunal Service. If agreement cannot be negotiated, either party (the claimant or Cadogan) can apply to the Residential Property Tribunal Service which will then determine the outcome. We tend to make the application with as little delay as possible to ensure the claim is progressed.
Each claim and valuation is different. Every claim made is treated on an individual basis and each valuation is produced for that claim. Therefore, it is not possible for us to estimate how much a new lease or freehold transfer will cost in advance of a claim.
- Costs. In addition to the value of the interest to be purchased, claimants are also responsible a proportion of Cadogan's costs in dealing with their claim. This proportion is not fixed and will depend on the complexity of the claim itself.