Freehold Extensions Essex
At Alison Stone Surveyors we provide an expert service in assisting you with Lease extensions, enfranchisement, and Freehold purchase agreements. Based in Essex, Alison Stone Surveyors are leading specialists with over 14 years of experience, guaranteeing your enquiries and potential business is in experienced hands. One of the key areas of specialism is our work within freehold purchase and extensions.
Collective Enfranchisement – Freehold Purchase
Owning a flat will only give you rights of occupancy for the term of the lease. When your lease expires your flat reverts entirely to the Freeholder. You may be having difficulty selling your flat because of a short lease, as it could mean a potential significant increase in the Ground rent for future tenants. In most situations, once a lessee has owned their flat for two years, they are entitled to extend their lease under the Leasehold Reform Housing and Urban Development Act 1993, as amended by the Commonhold and Leasehold Reform Act 2002. This removes the ground rent and extends the lease by an additional 90 years. The freeholder must be compensated for this loss and it is important that the valuation is carried out by an experienced valuer to ensure the correct advice is given and the appropriate premium paid. Offers made in notices that cannot be justified in valuation terms render the notice invalid. A professional valuation is critical to ensure that tenants do not waste their time and money.
How Alison Stone Surveyors Can help you:
Alison Stone Surveyors undertake specialist valuations under the relevant Acts to assess the premium payable to compensate landlords for loss. Whilst each lease is valuable to its leaseholder today, at whatever it could be sold for in the market place, each lease is also valuable to the Freeholder who:
- Receives investment income from it (the ground rent)
- Has the hope value of a premium from you (for buying a lease extension)
- Possibly makes commission from placing insurance on the block
- May have unleashed development potential
We offer a fair and impartial valuation of the freehold to give yourself and the landlord peace of mind. The acquisition of freeholds especially in larger blocks takes a huge amount of time and organisation, and we can alleviate this stress allowing you time to enjoy your home or plan your next purchase.
Benefits of using Alison Stone Surveyors:
Whilst a solicitor may be more than competent at dealing with the legal process they are less inclined to undertake the task of explaining the process to leaseholders at face to face meetings, arranging the collection of individual contributions from leaseholders and finding solutions for shortfalls caused by non-participating leaseholders. We will prepare a report advising on the premium payable and strategy relating to service of notices. Subsequently we will negotiate settlements or make expert representation to the relevant Tribunal. If you would like more information, or would like a quote for our services, please do not hesitate to call us on 07917 106437.
Contact us to:
- Understand to what you are legally entitled
- Gain an understanding of the issues
- Obtain a valuation
- Know your rights