Marc Selby (Laytons Solicitors) answers a query on tax issues and structuring options for lessees acquiring the freehold of a building by exercising their collective enfranchisement rights.
Question
My clients each own a lease of a flat in a building comprising four flats and wish to acquire the freehold of the building by exercising their collective enfranchisement rights under Part 1 of the Leasehold Reform Housing and Urban Development Act 1993 (the 1993 Act). Each flat is subject to a lease which reserves a ground rent and has a term of 35 years remaining. My clients include: the lessee of flat 1 which she occupies as her sole residence; a nonresident individual who owns flat 2; a husband and wife who jointly own flat 3 as an investment; and a company which owns flat 4 as an investment. My clients have...
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Marc Selby (Laytons Solicitors) answers a query on tax issues and structuring options for lessees acquiring the freehold of a building by exercising their collective enfranchisement rights.
Question
My clients each own a lease of a flat in a building comprising four flats and wish to acquire the freehold of the building by exercising their collective enfranchisement rights under Part 1 of the Leasehold Reform Housing and Urban Development Act 1993 (the 1993 Act). Each flat is subject to a lease which reserves a ground rent and has a term of 35 years remaining. My clients include: the lessee of flat 1 which she occupies as her sole residence; a nonresident individual who owns flat 2; a husband and wife who jointly own flat 3 as an investment; and a company which owns flat 4 as an investment. My clients have...
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