Leasehold Enfranchisement & Freehold Acquisition
'Leasehold enfranchisement' is the legal term for for buying the freehold of a leasehold house. We are experts in this field and we only act on behalf of leaseholders.
Leasehold properties are a diminishing asset, and buying the freehold of your house provides long term security of tenure and allows you to benefit fully from any future rise in your property's value. However, the shorter your lease gets, the less valuable it becomes, and the more it will cost to buy the freehold.
At John D Wood & Co. we have been helping leaseholders buy their freeholds and extend their leases and for more than 40 years. If you own or wish to buy a leasehold house, we can advise you how much it may cost to buy the freehold and negotiate the price you pay, - however, you will need to make sure you qualify first. The first Leasehold Reform legislation was passed in 1967 and has gradually been amended to include most houses, large or small. The legislation says the lease must have been granted for over 21 years at its start date, and you must have owned the lease for over 2 years, in order to qualify for enfranchisement.
80 years is a crucial point. Once a lease runs below 80 years, even by a single day, the price to buy the freehold rises significantly. Should your landlord be uncooperative, or agreement of the enfranchisement price cannot be reached, the matter may be referred to the Leasehold Valuation Tribunal, where we will be able to represent you as an expert witness.