If you have heard the term leasehold enfranchisement valuation, then likely you are living in a building with a group of flats and flat owners that are considering a change in the administration of their building expenses. The term leasehold enfranchisement valuation is also known as collective enfranchisement, and is one that refers to what happens to a block of flats when the flat holders all work together to own the flat. In other words, a group, or collective, of long term tenants of a block of flats will work together to buy the building they are living in and currently leasing. The long term advantage of this is that the tenants will not longer be paying service fees, or even ground rent in some cases. If you are living in an area where a collective group has been considering the purchase of the building you are now living in, you will definitely want legal advice in this area.
Leasehold enfranchisement valuation is a complex area of law that has a lot of stipulations and qualification criteria that go with it. The best thing to do if you and a collective are considering a leasehold enfranchisement is to consult with a lawyer who has handled these kinds of cases before, and find out what your rights and obligations are individually, and collectively.
To qualify for a leasehold enfranchisement, the building in question must have at least two flats on the property. As well, the tenants in the property must qualify as well, with the ratio being 66% of the tenants in the building must qualify. A tenant will qualify for a leasehold enfranchisement when they have a long term lease that is higher than 21 years left, and if they have a lease that is specified to terminate upon a death, a marriage, or on an “unknown” date. As well, under the 1989 Housing Act, tenants that have a long lease or have 100% shared lease can also qualify.
In other words, large buildings where as many as 40% of the tenants qualify will not be eligible for a lease enfranchisement because a majority by two-thirds is required. Other matters can affect an enfranchisement as well. If the landlord for example has a charitable objective or mandate under their terms, the building may not qualify. As well, if there is commercial business happening on more than 25% of the property, the building may not qualify.
There are many other areas where leasehold enfranchisement can be qualified for, and can not. Thus, you can see how complex the process is, and this is not an easy do it yourself legal plan to take on. When it comes to the area of law encompassed by leasehold enfranchisement valuation, you want a lawyer that has handled these kinds of cases before, so that you and the collective can appreciate all of the rewards and benefits that come from making this big move. If you are in the London area, the legal specialists in the Osbornes Leasehold Enfranchisement division are perfect examples of the advocates you need on your side when undergoing leasehold enfranchisement valuation.
Get peace of mind on your leasehold enfranchisement valuation when you contact Osbornes Leasehold Enfranchisement lawyers!