Local Authority Flat Lease Extensions
Julian Wilkins & Co. Chartered Surveyors are specialists in undertaking lease extensions where the freeholder is a Local Authority.
Margaret Thatcher’s Conservative government established the statutory Right to Buy legislation in the 1980 Housing Act. This gave Local Authority tenants the legal right to purchase council homes at significant discounts. By 1990, approximately 1.5 million council homes had been sold. The majority of these were flats and maisonettes which were typically sold on 125-year leases on low fixed ground rents.
A significant number of ex-local authority flats now have leases with between 80 and 90 years unexpired. To avoid the increased costs associated with marriage value once leases fall below 80 years, we are carrying out an increasing volume of lease extensions on these flats.
Typically, most Local Authorities will not deal with lease extensions on a voluntary basis but only via the formal Statutory route with a Section 42 Notice served by your legal advisors.
We undertake a large number of Lease Extensions on Ex Local Authority properties including those within the London Boroughs. The number of similar properties means that in some cases valuations can be undertaken on a desktop basis without inspection which reduces our valuation fees. Negotiations fees are also usually lower than cases with private freeholders.
We understand that the lease extension process can be daunting and stressful. Our team work hard to ensure that you are offered the very best personal service all through your relationship with us. We work closely with your legal professionals and ensure that you are kept up to date and informed with the very best advice at each stage of the process. If required, we can recommend a specialist legal advisor to undertake the necessary legal work including the service of notice and documentation and registration of your lease extension.
Local Authority areas where we continually undertake lease extensions include:
- Brighton & Hove
- Wandsworth
- Adur
- Lambeth
- Portsmouth
- Kensington & Chelsea
- Tower Hamlets
- Crawley
- Other London Boroughs
- Guildford
- Arun