Sheffield Leasehold House Service
You may wish to consider buying the freehold of your home, an option which you are now legally entitled to do and which could boost the value of your home.
Residential Leasehold Property
Buying the freehold means that you can own the land on which your property was built.
You can then decide on the rules common to the owners such as ‘no pets’ rule. More importantly, you will not have to renew your lease which can cost thousands of pounds if it has fallen below 75 years. Mortgage companies are often reluctant to grant mortgages to properties with fewer than 75 years left on the lease, making them hard to sell.
We also provide legal advice to tenants, landlords and managing agents in relation to a number of matters including:-
Buying the freehold
Leasehold flat owners can (subject to certain conditions) compel the freeholder to sell the freehold. If 50% or more of the flat owners commit to this process and can negotiate a suitable price with the freeholder, they can purchase the freehold through the formation of a company where they are all shareholders. Through this company they will be able to extend the length of the lease to 999 years and make changes to the lease.
Extending the Lease
If there are not enough leaseholders prepared to participate, in certain circumstances an individual leasehold flat owner can compel the landlord to give him a new lease which adds 90 years to the length of the lease and reduces ground rent to a peppercorn, subject to payment of an appropriate purchase price.
Right to manage
Subject to satisfying certain conditions leasehold flat owners can take owner the management of their property without paying the landlord compensation and without any fault on the part of the landlord.
Right to first refusal
In certain cases, where a freeholder sells the freehold of a building comprising flats, he must first offer it to the tenants.
We can advice on the responsibilities if the landlord and tenant under the terms of the lease and appropriate remedies where one party is in breach.
Leasehold flat owners are entitled to summaries of the service charges and can inspect accounts and other documents and are entitled to details of the building insurance cover. We can assist in obtaining these documents for you and ensuring your rights are being complied with.
Right to vary a lease
Where a lease does not make proper provision for certain matters such as repair, maintenance or insurance of the building, a tenant can apply to the Leasehold Valuation Tribunal to vary the lease if the landlord will not agree.
Enforcement of Covenants
Leases can contain certain obligations on both parties in relation to things such as service charges payable, not to cause a nuisance, and to regulate parking arrangements, etc. These are known as covenants and when these are broken or a dispute arises we can assist in taking action to resolve these disputes or enforcing the covenants.
For further details contact our Conveyancing Team 0114 296 5444 or email firstname.lastname@example.org