Enfranchisement

Under the current Leasehold Reform Housing and Urban Development Act 1993, as amended by the Commonhold and Leasehold Reform Act 2002, leaseholders have the opportunity to exercise their right to purchase the freehold interest in their properties, extend the term of their lease, appoint managing agents or alternatively manage their own properties.

Castle Wildish are experienced in these matters and have detailed knowledge of leasehold enfranchisement. Where a valuation case is referred to the Leasehold Valuation Tribunal for determination, Castle Wildish will prepare the appropriate submission to the Tribunal and attend the Hearing to act on behalf of the client.

The cost of the lease extension and/or freehold value will depend on a number of factors including the value of the ground rent income, the value of the freehold reversion at the expiration of the lease and the marriage value i.e. the amount that the value of the property will increase when the lease is extended or the freehold title acquired. Where an application is made by a leaseholder, it is normal for the leaseholder to pay the freeholder's legal costs, valuation fees and stamp duty.

In these instances, Castle Wildish can provide the necessary advice to residents on how to best manage their assets.