The Leasehold Reform Housing & Urban Development Act 1993 (as amended by the Commonhold and Leasehold Reform Act 2002) gives tenants the right upon qualification to compel the sale of the freehold of the building or part of the building.
The procedure for collective enfranchisement is complicated and has to be followed precisely to ensure a successful application.
We have the necessary experience and expertise to take you through the process ensuring that all the legislation has been complied with. In brief the process is as follows:
- Checking of the eligibility of the building and tenants
- Appointing a Valuer to advise, negotiate and settle the price
- Company formation of the nominee purchaser which will be wholly owned by the tenants
- Service of the Initial Notice
- Response to the Landlordâ€™s requests for substantiation of claim
- The conveyance of the Title
- Amendment of terms of leases after enfranchisement
This is a very brief outline of Leasehold Enfranchisement and there is a substantial amount of work involved.It is not uncommon for claims to fail where the procedures laid out in the legislation have not been complied with adequately. With this in mind it is recommended that a legal specialist is appointed to carry out the various procedures.
If you would like more information about Enfranchisement or would like a quote please email or call us.