There are a range of options that can help tenants take control of their homes.
Collective enfranchisement is a process that grants tenants the ability to buy the building’s freehold together. The main reasons for flat owners to consider this option are:
- Extending leases to 999 years at low or no cost.
- Gaining total control over the management of the building.
An alternative to collective enfranchisement is the Right to Manage, which grants leaseholders control over the management of the building. To qualify, tenants must have long leases and the building must contain at least 2 flats, with 2/3 of the flats held by qualifying tenants. At least 50% of the tenants must also opt to buy the freehold. If these criteria are met, the tenants will need to get a valuation and finance the acquisition.
We are experienced leasehold enfranchisement lawyers acting in Essex, Hertfordshire, and Middlesex, offering cost-effective solutions.
For more information, get in touch with Janice Bartlett or Alexandra Bartlett by calling 0208 904 7725/4150 or sending an email.