A long lease is a valuable asset but as the term of years granted diminishes the lease becomes an ever decreasing asset. This can affect the ability of leaseholders to mortgage or charge the asset. Legislation has been in place for sometime now allowing leaseholders to extend the terms of long leases or to buy the freehold reversion and there is also provision for leaseholders in blocks of flats to collectively buy the freehold of the block.
These rights afforded to leaseholders are governed by a wide range of legislation and assessing how to exercise any particular right can be a technical challenge.
Abacus can assist both leaseholders and landlords with exercising rights to extend leases or acquire freeholds or with assessing any entitlement to counter claim. We can also assist with any applications to the Leasehold Valuation Tribunal in connection with disputed claims or put leaseholders or landlords in touch with valuers.
Please see our flowchart setting out the steps to be taken to effect or counterclaim against Collective Enfranchisement.