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The Evolution of Collective Enfranchisement

The Evolution of Collective Enfranchisement

The Evolution of Collective Enfranchisement


Leaseholding is a little bit risky. As a leaseholder you are never really 100% in control as at the end of the lease period you could be ejected by the landlord. Most leases are given for a 25 ' 99 year period, even though it is possibly to award a lease for up to 999 years. This can make life difficult for a new leaseholder as most mortgage companies will not lend on a lease with a term which is less than 50 yearsThese discrepancies - that have existed since the feudal system which dates back 1000 years ago - have led to several changes in the law in the latter half of the twentieth century and the first decade of the twenty first. This was in answer to leaseholders wanting to exercise a greater amount of control over where they reside and they wanted the security gained from owning the freehold interest. This led first to legislation that made it easier for tenants to extend their leases and then to an Act of Parliament which enshrined the right of collective enfranchisement in law.Collective enfranchisement makes it easier for groups of leaseholders to come together and purchase the freehold on their block of flats from the current landlord. This allows them greater freedom in the management of their block and also enables them to stop being charged ground rent. It will also mean that they can forget about their lease as they will now own the freehold interest. They also have the power to extend the leases of any tenants who didn't participate in the purchase of the freehold. This is significant as not all tenants are eligible to purchase a freehold - you have to have a lease that was at least 21 years long when you bought it, so collective enfranchisement is a good way to extend the rights of all tenants, not just the ones who participate in the freehold purchase.The popularity of freehold purchase has led to the development of what is known as commonholding, which is exclusive to residents of blocks of flats. It basically means that residents own the freehold of their individual flat, and the common areas of the building are managed by a Commonhold Association, made up of all the tenants in the building.These recent changes reflect the growing wish of people to own their own property and the continuing evolution of collective enfranchisement and the practice of freehold purchase suggests it's an area of UK law that will be active and relevant for a long time yet.

http://www.articlesbase.com/law-articles/the-evolution-of-collective-enfranchisement-4594256.html
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The Evolution of Collective Enfranchisement