Alternatives to Lease Extension
Overview Pros and Cons Qualification Valuation Procedure Alternatives Services & Costs
Buying the Freehold
- Leaseholders can purchase the freehold land on which a property containing multiple flats is built through either informal negotiation with the current owner (the freeholder) or by statutory freehold purchase (known as collective enfranchisement).
- The cost per-flat of lease extension is similar to the cost per-flat of buying the freehold. Assuming sufficient leaseholders are willing/able to participate, we generally recommend that our clients consider buying the freehold before proceeding with a lease extension.
- Even if a leaseholder does not qualify for a statutory lease extension they may still qualify for collective enfranchisement.
- Pro-Leagle offers a full collective enfranchisement service.
The [Collective Enfranchisement] service was excellent and Pro-Leagle were very patient in what proved to be a long and difficult negotiation with our freeholder. But with the help of Pro-Leagle we were successful. We would really recommend this firm.