Enfranchisement

This Department is headed by David K. Foskett, a partner in the firm of Copping Joyce Chartered Surveyors LLP.

This Department, with over fifteen years of experience in this field has an impressive track record of successes acting on behalf of both the freeholders and leaseholders in what can often be an emotionally draining and complicated exercise for all parties.

FAQ's

Q Why extend your lease or enfranchise?
A To protect the investment value of your property.
 
Q What does ‘Enfranchisement’ mean?
A To collectively buy the freehold interest of the building of which your flat forms part with some or all of your co-lessees or to buy the freehold of your house.
 
Q Do I opt for a lease extension or enfranchisement?
 A lease extension is much simpler to organise
 
Q Why then opt for enfranchisement?
A When the building of which your flat forms part is poorly and/or expensively managed, because, upon completion, the lessees will then directly control the management.
 
Q How do I get started?
A Firstly, establish that you are a ‘Qualifying Lessee’ (we can assist or speak to your solicitor) and we can than provide you with a valuation to be inserted into your formal notice.
 
Q Why don’t I just contact my Landlord and try to ‘do a deal’?
A You can, but in our experience this normally wastes time because most Landlords don’t want to know and in some month’s time you find you are no further forward which means you then have to make a formal application and the whole process is that much more expensive because your lease is that much shorter and prices have increased generally. Also, by serving a formal notice now you peg the valuation date which is important from your point of view.
 
Q Why do I need a valuation from you?
A Because this is a specialist area and complicated, particularly if ‘Marriage Value’ is involved.
 
Q What is ‘Marriage Value’ and when does it apply?
A It is the difference between the value of the extended lease and the sum total of the existing freehold interest and the existing leasehold interest assuming the hypothetical purchaser does not have the right in law to an extension (told you it is complicated!). Marriage value applies when the lease has less than 80 years unexpired.
 
Q Ok, so I serve formal notice. Then what?
A Your landlord has two months as from the date of your notice to serve a counter- notice. Assuming your landlord serves a valid counter-notice, then the parties have two months in which to negotiate an agreement.
 
Q If no agreement is reached, what happens?
A You have the right to apply for a hearing before the Leasehold Valuation Tribunal.
 
Q Why should I do this?
A Because it will serve, one way or the other, to concentrate the minds of the parties involved on the matter in hand and bring it to a conclusion.
 
Q Can you help me in these negotiations and, if necessary, appear on my behalf in front of the Leasehold Valuation Tribunal?
A Yes! The partner concerned, Mike Green has many year’s experience of valuing residential premises for both lease extensions and enfranchisement purposes and has appeared (with success!) before the LVT on a number of occasions.

Contact

David Burlinson - BA (Hons) MRICS

Head of Landlord & Tenant

dburlinson@cjllp.co.uk

Tel: 020 7749 1054