Leasehold enfranchisement can be one term that is hard to understand especially by those that have not taken part of this process. However, the meaning behind is quite a simple one. This concept refers to process when the long term tenants choose to buy the block of flats where they are residing, from their landlord. When they do this they will no longer have to pay service charges or rent etc.
The leasehold enfranchisement process can be started only when you have at least two thirds of the qualifying tenants involved. These qualifying tenants are those that have a lease of 21 years. A leasehold enfranchisement to begin, the building you live in needs to have at least 2 apartments in the entire building. The rules related to leasehold enfranchisement are quite strict.
For this reason, buildings that have only 40% of qualifying tenants are unable to undertake the process. Nevertheless, there are rules that offer regulation that can actually be helpful for potential leasehold enfranchisement groups. There are many details that one has to be aware of. For example, if the landlord is a charitable trust and this trust has offered you tenancy then this cannot be seen as a qualifying tenancy.
Clearly, the building in question will also be subjected to some rules. The buildings that are subject to this process need to have less than 25% of the space used by commercial purposes. If a building has more than 35% of space with offices and shops then you and the other tenants cannot start the process.
This is quite a simple concept, however it is one that will require a great deal of legal assistance. The process might take a while but if the deal goes through then the advantages will be far greater. Pointless to say owing your apartment will be preferable than paying rent. When you do this then you won't have to worry about the high prices of the services or the about the costs of the rent. You will find it though hard to get everyone to agree.
In these conditions, the best thing that would be to leave a solicitor to take care of this situation. The best thing that you could do is to hire someone that is accustomed with this part of the law and knows what needs to be done. Everyone needs to be involved this is why all the tenants need to be part of the decision.
The leasehold enfranchisement process can be started only when you have at least two thirds of the qualifying tenants involved. These qualifying tenants are those that have a lease of 21 years. A leasehold enfranchisement to begin, the building you live in needs to have at least 2 apartments in the entire building. The rules related to leasehold enfranchisement are quite strict.
For this reason, buildings that have only 40% of qualifying tenants are unable to undertake the process. Nevertheless, there are rules that offer regulation that can actually be helpful for potential leasehold enfranchisement groups. There are many details that one has to be aware of. For example, if the landlord is a charitable trust and this trust has offered you tenancy then this cannot be seen as a qualifying tenancy.
Clearly, the building in question will also be subjected to some rules. The buildings that are subject to this process need to have less than 25% of the space used by commercial purposes. If a building has more than 35% of space with offices and shops then you and the other tenants cannot start the process.
This is quite a simple concept, however it is one that will require a great deal of legal assistance. The process might take a while but if the deal goes through then the advantages will be far greater. Pointless to say owing your apartment will be preferable than paying rent. When you do this then you won't have to worry about the high prices of the services or the about the costs of the rent. You will find it though hard to get everyone to agree.
In these conditions, the best thing that would be to leave a solicitor to take care of this situation. The best thing that you could do is to hire someone that is accustomed with this part of the law and knows what needs to be done. Everyone needs to be involved this is why all the tenants need to be part of the decision.
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The leasehold enfranchisement (also known as Collective Enfranchisement or the Right to Enfranchise) is the right for flat leaseholders to join together to force their landlord to sell the freehold to their block of flats to them.