The statutory right of a flat owner to acquire an extended lease is critical to maintaining the value of a flat. As an alternative to joining with other flat owners to buy the freehold it provides a mechanism by which a landlord – no matter how reluctant – can be made to grant an extended lease for a fair price.
It is common for landlords to agree to extend a lease without a flat owner having to make a statutory claim, but this would not be the case if this statutory right did not exist. The solicitors in our commercial team will be able to provide advice on the best course of action to take in each individual case and if need be to recommend a specialist valuer with whom we will work to achieve a result that meets the needs of our client.
If you are buying or selling a flat, and you need assistance with a lease extension, we can provide you with timely advice to ensure that the lease extension proceeds in conjunction with your transaction.
We were one of the first firms of solicitors to be listed by LEASE the government backed Leasehold Advisory Service.