Latest News Article "A wake-up call to property owners who allow others to occupy land they own as if it were the squatters' own land" View Articles >   Did you know that qualifying leaseholders* of many leasehold flats have an individual right to extend their lease and a collective right, in conjunction with other qualifying leaseholders of flats in their building, to buy the freehold from their Landlords. Similarly, qualifying leaseholders of many leasehold houses have the right to extend their lease or to buy the freehold from their Landlords. The value of your leasehold flat or house reduces as your lease comes closer to the end of the term – it is a 'wasting asset'. This is important to consider if you want to sell your property in the future because mortgage lenders are unlikely to lend money to your potential buyer if the lease over your property has fewer than 70 years left, or they will lend but only on very unappealing terms. In the UK property market of today where financial institutions and consumers are exercising more caution than in previous times, allowing the value of your property to ‘waste away’ risks rendering your leasehold property unsaleable and ultimately worthless. Fortunately, as a qualifying leaseholder you have the legal right to reverse this situation and, by taking action now, you will (1) increase the value of your leasehold property; (2) preserve the attraction it holds for potential buyers; and (3) put yourself in control of what is likely to be your most valuable asset. Leaving the decision to enfranchise until later may increase the costs involved in exercising your legal rights and could mean it is too late. * To see if you qualify, please, click here if you own a FLAT or click here if you own a HOUSE Another option if you are dissatisfied with the way in which your property is being managed is to exercise your right to manage. Click here for further details or call us on 0208 989 3000 or email tmurphy@huggins-law.co.uk for further information