Collective Enfranchisement
Most tenants holding leases in excess of 21 years have an absolute right to acquire their freehold by Collective Enfranchisement, or obtain a 90 year Lease Extension.
Collective Enfranchisement & Lease Extensions offer considerable advantages to lessees, and the 2002 legislation makes each more widely available, especially so Collective Enfranchisement.
Nevertheless, the process is not easy, requiring specialist legal and property expertise and, in the case of Collective Enfranchisement, the need for a high degree of coordination between tenants and financial resources to cater for non-participants.
ELS overcomes all of these problems by conducting the entire enfranchisement project from start to finish, with finance packages for participants and non-participants (if required). ELS also fixes its fees from the outset, at a competitive level, thereby avoiding cost overrun.
At the start of the project, ELS provides lessees with preliminary advice, and establishes whether the property and the tenants will qualify.
ELS then offers a free preliminary meeting and indicative valuation, sufficient to enable the tenants to decide whether to proceed.
A fixed fee is agreed upon, based on a detailed Fee Quote. This fee encompasses all of the work involved (aside from LVT), including the valuations, negotiations, all of the legal work, setting up the Nominee Purchaser Company etc. ELS offers considerable value for money.
Once the appointment has been settled, ELS then works closely with the lessees, to steer the process through the many stages from start to finish, working to a closely monitored, structured programme.
ELS works exclusively for lessees, and seeks to obtain optimum results for the lessees in every case.