If you own a property in Fitzrovia, then you can have the benefit of owning a unique English land system. The peculiar complex legislation of this land owning system will allow a leaseholder or householder to extend all their long leases. This legislation also allows you to purchase flats or houses from a freehold owner collectively.
The Urban Development Act or the Leasehold Reform Housing is the legislative laws that allow one to extend their lease. According to these acts, you can ask your property owner to extend your lease up to ninety years. This act also restricts the property owner to refuse your lease increasing applications or forms. The property owner is also restricted from increasing the cost of the property that you are now occupying. If he wants to do so, then he should ask for the permission from a body called Leasehold Valuation Tribunal for the extension of the premium. Most of the leaseholders are not aware of these opportunities and they are wasting assets on lease.
It is important to claim a new lease if you are a leaseholder. This will be an important investment for you. If the reversion of the lease is very low, you may consider this claim. A leaseholder can apply only once for this claim if he or she owns a flat for the period of more than two years. You can achieve this claim between periods of eight to ten months. It is preferable to either consider this claim if you are trying to sell or purchase a flat that you own. It is also imperative to take such an application into consideration when you are selling your flat or purchasing a flat. This claim is acquired by applying to a freeholder and then offering a price. If you own a property in Fitzrovia then you can acquire this claim.