Boston Radford

At Boston Radford, we are a team of Chartered Surveyors who specialize in leasehold enfranchisement. With over 100 years of combined experience, we are one of the most experienced practices in Prime Central London. Our expertise lies in negotiating statutory lease extensions and enfranchisement claims.

Leasehold Enfranchisement

The concept of leasehold enfranchisement dates back to the Leasehold Reform Act 1967, which gave leaseholders the right to acquire their freehold. Since then, the legislation has undergone numerous modifications, with the primary aim of enabling tenants of houses held on long leases at low rents to acquire the freehold or an extended lease. The 1967 Act was a groundbreaking piece of legislation that aimed to give leaseholders more control over their properties.

Today, all houses, regardless of value, qualify for leasehold enfranchisement as long as they meet the necessary definition of a house, have an original term of lease exceeding 21 years, and the claimant has owned the lease for at least two years. However, it is essential to establish the correct valuation basis, as these have a significant impact on the enfranchisement price.

Lease Extensions

Under the Leasehold Reform Act 1967, leaseholders have the right to acquire their freehold. However, owners of flats and maisonettes gained equivalent rights through the Leasehold Reform, Housing and Urban Development Act 1993. While the law allows a tenant to extend their lease, they remain bound by the covenants of the previous lease, except for the payment of ground rent. In many cases, a 90-year extension will result in the flat having close to its maximum value.

Collective Enfranchisement

Collective enfranchisement is where a group of leaseholders club together to acquire the freehold of their block. Introduced in the Leasehold Reform, Housing and Urban Development Act 1993, this process requires coordination between lessees and a designated manager to sort out who participates and who contributes to the reversionary value of non-participating lessees. At least 50% of lessees must participate, and a price must be proposed. Unlike individual lease extensions, there is no statutory deposit required.

Formal Valuations

As Chartered Surveyors, we are qualified to provide valuations for any type of residential property. Apart from statutory valuations relating to the 1967 and 1993 Acts, we also provide valuations for various purposes, including the Annual Tax on Enveloped Dwellings (ATED), Capital Gains Tax (CGT), Corporation Tax (CT), and Inheritance Tax (IT). Our valuation services extend to balance sheet purposes, divorce proceedings, and much more.

Professional Consultancy

We are consulted on a wide range of interrelated issues, including clients looking to purchase short leases. Before they can know what to bid to acquire a leasehold property, they need to know various factors, such as the exact unexpired term, ground rent payable, and any covenants of an unduly onerous nature.