Residential Leasehold Property has been very much in the news in recent years with issues surrounding ground rents and the purchase of freeholds causing difficulty to many leasehold owners. My work in residential leasehold management has led me into other areas where advice is commonly needed including lease extensions, the purchase or enfranchisement of freeholds and the formation of right to manage companies.
The basis for dealing with these issues is set out in various statutes and the valuation implications are usually governed by decisions of the first Tier Tribunal. I have been involved in numerous lease extension valuations both on individual properties usually flats and on groups. The purchase of freeholds has ranged from a single property divided into three flats up to a development of over 100 individual flats shops and houses.
Where the leaseholders of a development wish to take control of their estate without incurring the cost of buying the freehold, they often opt for the formation of a right to manage company which may or may not be opposed by the freeholder. I have experience in both contested and uncontested application to the first Tier Tribunal.
In extreme cases usually where relations between the leaseholders and the freeholder have broken down the First Tier Tribunal can be asked to appoint a manager who stands in the shoes of the freeholder in the management of a development. I have undertaken a number of these appointments which provide invaluable experience of the principles and practice of residential leasehold management. During my career with Drew Pearce I built up a substantial residential Block Management business which now covers sites across Devon and into Cornwall.
I commonly discuss leasehold problems with Freeholders and Leaseholders and their advisers and on occasion assist managing agents with specific issues which they may not have encountered before.
If I can assist anyone in this way without obligation just send me an email and I will see if I can help.