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Tag: LEASE
LEASE
The process of enfranchisement explained
Enfranchisement in the UK refers to the process by which leaseholders of residential properties, particularly flats, can acquire the freehold of their building from the landlord (freeholder). This process is governed by specific legislation, primarily the Leasehold Reform, Housing and Urban Development Act 1993 (for flats) and the Leasehold Reform Act 1967 (for houses). Enfranchisement… Read more
What happens when a lease expires on a leasehold property in the UK?
When a lease expires on a leasehold property in the UK, several key implications and potential outcomes depend on the terms of the lease and the actions taken by both the leaseholder (tenant) and the freeholder (landlord). Here’s what typically happens: 1. End of Lease Term: 2. Reversion to the Freeholder: 3. Compensation for Improvements:… Read more
Extending a property lease
In the UK, lease extension allows leasehold property owners to extend the length of their lease, providing greater security and potentially increasing the value of their property. The ability to extend a lease depends on certain criteria and is governed by specific legal processes outlined in legislation, primarily the Leasehold Reform, Housing and Urban Development… Read more