If you?re thinking of buying your freehold or extending your lease you will have worked out by now that enfranchisement isn?t a simple process. If the whole system seems skewed towards your landlord or freeholder, that?s because it is. But all that may be about to change, with a set of proposals from the Law Commission which aim to simplify the process and put more power in the hands of leaseholders. The proposals are now out for consultation and a final report will be published in 2019, providing the government with recommendations for next steps.
Proposals now being consulted on include:
Calculating the cost to flat owners of either extending a lease or buying their freehold is really complicated - even for most of us the property industry! A simpler version may now be on the cards with the Law Commission asking valuation experts for new ideas.
All of this must be good news for Ringley customers. The consultation closes in November with results expected next year. Change takes time but in future the whole system may be a little easier to negotiate.
At Ringley we have a legal department that is dedicated to helping our customers deal with a whole range of property issues. If your lease is nearing the pinch point of 80-years and you?d like to extend it, or you have a question about buying your freehold, our specialist solicitors should always be your first port of call.
Author : Mary-Anne Bowring
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