LEASE EXTENSION & ENFRANCHISEMENT
A leasehold property is a diminishing asset and as its term reduces so does the value of your property. Legislation gives qualifying leaseholders the right to extend their lease by 90 years at a peppercorn rent, but this can be an intimidating and confusing process. We provide clear advice and recommendations to guide you through the process
Enfranchising your lease (purchasing the freehold) adds value to your property and means you have control over your property. Our role in the process is to firstly carry out a Valuation to assess the factors affecting value and obtain comparable sales evidence of similar properties in the immediate locality. The premium comprises the loss of ground rent income, the loss of receiving the flat back in the future (on expiry of the lease), marriage value and other compensation if applicable. The landlord will quote a premium which is likely to be high, and the tenant at the lower end, and so a good negotiator is vital to how much premium you eventually agree.
Jon Winn is our specialist on Lease Extension and Enfranchisement, and provides advice and a report that details the likely premium range as a useful negotiation guide. He will then negotiate with the freeholder to agree a premium. We specialise in central London and have dealt with Grosvenor Estates, Cadogan Estates, Bedford Estates and Howard de Walden Estates. Jon recently successfully negotiated a deduction in a premium of £57,000