Leasehold Enfranchisement
The paradox of owning your own home but not being a home owner, or not being able to get a mortgage on a lease whose term is quickly running out, affects thousands of flat dwellers. Warner Goodman’s Residential Property Team offers practical and cost effective advice on leasehold ownership and on protecting your property investment.
We have put together a short glossary of some of the more commonly used legal terms.
Collective enfranchisement: Where a number of leaseholders in the same block of flats collectively seek to purchase the freehold.
The right to manage: Where the leaseholders collectively take over the management of their building through a right to manage (RTM) company without having to prove fault on the part of the landlord. The RTM company is responsible for ensuring that the leaseholders comply with their obligations to maintain, insure and manage the building.
Residents’ associations: A body of leasehold residents usually organised by a committee of volunteer members to best represent the leaseholders in the building. The residents’ association should be recognised either with consent of the landlord or after application to the Residential Property Tribunal Service.
Lease extensions: The right to purchase a 90-year lease extension to protect the net value of the leasehold property diminishing every year as the term of the lease runs down.
For more information, please contact Helen Porter on 02380 71 7425 or by email helenporter@warnergoodman.co.uk
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