Property

Leasehold Enfranchisement - Auctions and Probate Sales

Typically a charity may inherit residential property with a short lease remaining. Careful planning can maximise the benefits to the charity.

As Solicitors acting in the auction sale we will establish whether the present occupier is eligible to extend the lease.

We evaluate the cost of extending the lease or buying the Freehold (by use of formulae under the Act).  A Notice can be served on the Landlord prior to Auction specifying a realistic price.

The Landlord will counter with his own price and the mechanism and timescale will start, leading to the final conclusion by negotiation or at the Tribunal.

The benefit of the Notice can be assigned to the buyer at auction, who will probably be willing to pay more because of the Notice than he would otherwise have done

A decision has to be made as to whose name the property is sold in, whether it be in the name of the Executor or the Charity. Tax issues depend on it and the details must be worked out before embarking on serving Notice and sale. Large tax savings can be made.

The end results can be rewarding both in the sale price and the tax savings, provided that all the right steps have been taken.
 

For more details about renewal of leasehold enfranchisement, property auctions, or any aspect of dealing with Commercial Property or Residential Property contact Felix Appelbe BSc. Estate Management. FRSA on 020 7 242 7000 or use the Contact Request Form.
 

© Ambrose Appelbe 2004-2008
This web site contains general information only and does not constitute legal advice. You should take suitable advice as to your specific circumstances. Ambrose Appelbe accepts no responsibility and disclaims all liability in relation to such information.