There are two main types of leasehold enfranchisement. One is a lease extension and the other is a purchase of the share of the freehold.
You can request an extension of your lease at a premium or purchase a share of the freehold. These types of transactions increase the value of the property that you currently own.
We can help assist you from obtaining a valuation from a surveyor for the property, serve notice to your landlord and negotiate the terms of the lease and register the lease extension against the title of your property.
Purchasing a Share of the Freehold
When purchasing a share of the freehold, there are many formalities that need to be completed in order for a transaction to go through. To ensure that this transaction can be conducted, the following steps will have to be taken by our team.
- Check your eligibility to purchase the share of freehold
- Draft a participation agreement where necessary
- Instruct a valuer/surveyor on your behalf to identify the amount that you are likely to pay the current freeholder.
- Set up a management company on Companies House
- Serve the initial notice to all parties
- Liaise with the landlord
- Complete the conveyance and carry out amendments of the lease terms after the enfranchisement.
As evidenced from the above, there are several formalities that need to be met to complete the purchase of the share of the freehold. This is why it is vital that you are supported by our team of experts within this field, who have contacts in all the above areas in order to streamline the process, and enable you to attain the result you desire.
Why Adam Bernard Solicitors?
- Our team of conveyancing solicitors have a comprehensive understanding of property law and the property market to ensure you can make an educated decision on the matter you face.
- Our property lawyers have expert legal knowledge and have advised with all kinds of mortgages
- Our property department has many years of experience when dealing with property matters both in the UK and internationally
- We have had numerous clients visit our offices for the above services and have ensured many successes as evidenced through our client testimonies.