Extending your Lease
All leases have a fixed term, typically a term of either 99 years or 125 years. The term will begin when the lease begins, which will normally be the date the property became available to for sale. These details will be written in your lease document.
Some lenders will only lend against properties with a certain number of years remaining before the end of the term . In this case, the lease may need to be extended.
In most cases you have a legal right to extend your lease and can serve notice on the Association that you wish to do this. Stonewater has a policy of considering requests for lease extensions without the need for legal notice to be served on a voluntary basis, so please contact us first if you are considering extending your lease.
Buying the freehold
In certain circumstances owners can purchase the freehold of a scheme or block of flats from their landlord. This can be a voluntary arrangement or through a process known as collective enfranchisement.
Either circumstance requires the owners to form a company to manage the building and provide consents where applicable under the lease.
Right to Manage
Leaseholders have a legal right to manage their own buildings as long as certain conditions are met.
Disputes between leaseholders and landlords
Applying to the First Tier Tribunal (Property Chamber)
The First Tier Tribunal (Property Chamber) helps to resolve disputes between leaseholders and landlords. Landlords can also change lease terms via a First Tier Tribunal (Property Chamber) if they agree there are just grounds.
Find out more information about the work of the First Tier Tribunal (Property Chamber) from the Leasehold Advisory Service.
Further guidance on leases
Find more information and get independent advice from the Leasehold Advisory Website at www.lease-advice.org.uk. Impartial advice can also be obtained from the Citizens Advice on your lease as well as advice on debt and financial issues.