02/09/2020
Author : Mary-Anne Bowring
Whether you are a first time buyer, downsizing or wanting a city pad, understanding the leasehold system can be confusing. Mary Anne Bowring, creator of www.leaseholdersupport.co.uk unravels the jargon and explains your rights.
- With leases getting shorter, leaseholders should be aware of their legal right to extend their lease. To qualify, you now only need to own the lease for 2 years and don't need to live in the property. Your statutory right is an additional 90 years to add to whatever unexpired term you currently hold with ground rent reduced to a peppercorn.
- The Commonhold and Leasehold Reform Act 2002 provides the owners of leasehold properties with the right to manage their own property. It is no longer necessary to prove that the freeholder is at fault or managing the block badly to claim the right to manage. By setting up a Right to Manage (RTM) Company, leaseholders can take over the running of their block.
- If you are concerned that the block is falling into disrepair and the freeholder isn't managing the block effectively then you can apply to the Leasehold Valuation Tribunal to request they appoint a Manager that you propose. Requesting a Court Appointed Manager is different from claiming your right to self manage as there is a need to prove that the freeholder is at fault.
- The right to buy the freehold was given to lessees in 1993. There is no requirement to reside in the flat and you can own the flat through a company. Provided two thirds of the flats have long leases and that 51% of the "qualifying lessees" participate you can force the Freeholder to sell you his title.
- Understand your rights as a leaseholder and visit www.leaseholdersupport.co.uk for clear and simple guidelines. Click on the "special offers" button for FREE step by step guides.
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Mary-Anne Bowring FIRPM FRICS FARLA FCABE Founder/Head of Asset Management
Strategic partnerships, holistic delivery/ opportunities, growth, value engineering, thought leadership
Ian Barber MD BTR Mobilisation & Leasing
Runs HQ & site lease-up teams. Drives rent pricing, mobilisation, marketing, happy residents!
Jon Curtis MRICS Head of Building Engineering
Chartered Building Surveyor. Lectures on EWS1 & building safety. Runs CapEx programmes.
Kate Robinson MIRPM MD Blocks/FM Management (London Region)
Master plan setup, ops and staffing and resident engagement. ISO45001 champion.
Lee Harle Partner Ringley Law
Plot conveyancing. Debt litigation. Group Company Secretary.
Anthony Kingdon MIRPM AssocRICS MD Blocks/FM Management (North Region)
Stakeholder engagement. Mixed tenure specialist. Budget management. Plant audit, PPM compliance.
Chris Georgalis MRICS Head of Commercial Valuation
Chartered Valuer. Rental valuations: retail, leisure. IRR modelling and valuations for secured lending. Compulsory purchase & rent reviews
Nichola Pughe MRICS Head of Residential Valuation
Chartered Valuer. Rental development & mixed use valuations, IRR modelling. Leasehold enfranchisement specialist
Libby Chen MSc Compliance Manager
Operational Plant & Equipment strategy PPM Compliance lead, Asset tagging Client major projects
Dipesh Parekh Director PlanetRent
Customer centric, vertically integrated PropTech/fin-tech solutions.
Leana Aristodemou MIRPM MARLA AssocRICS Strategic lead: ESG & Asset Business Plan delivery
Financial modelling, valuation analyst to support underwriting & fund reporting.
Natalie Birmingham Helpdesk Support Manager
Trainer & Helpdesk Manager: people, systems,contractors. ISO45001 supply chain accreditation.
Steve Norman Planning Director
Land due diligence (opportunities & constraints) Has contributed to a number of award winning schemes.
