Anthony Brunt & Co. Surveyors & Valuers
Leasehold properties can be a problem for many home owners when planning to put affairs in order, or sell, or re-mortgage or go for equity release.
As the lease runs down it can stop or delay you moving on if the number of years left are too short. Mortgage companies have become more choosy about providing mortgages on leasehold property in recent years.
For equity release you may also need to buy the freehold.
If you are getting on in years it can be a costly problem for relatives to have to deal with after you have gone and the general rule is that the shorter the lease the higher the price.
Provided you have owned the property for 2 years or if dealing with a deceased estate provided the deceased had owned the house more than 2 years then you probably have the right to buy the freehold and this is a great advantage to you provided you know how to use the leasehold reform system and also how to deal with a freeholder who might not be so keen for you to take his freehold off him.
If you qualify the freeholder cannot refuse you.
In other words you have the right of compulsory purchase but you may have to jump over a few hurdles to get there which is why we believe you need specialist help from a leasehold surveyor.
With houses or bungalows we usually never advise people to extend their lease - just go for the freehold every time. It makes most sense. Be rid of your lease once and for all AND add value to your home at the same time!
With flats and maisonettes we advise clients to have 90 years added on to the end of the current lease paying a peppercorn ground rent - if demanded. Be wary of freeholders who want to sell you a new lease with regular increases in their ground rent.
Leasehold property has been in the news and not for good reason as people in Ellesmere Port have houses they cannot sell! They have leases which contain ground rents that increase over time!
Government plans to alter the law to make things simpler and easier and cheaper are in the pipeline but as yet there is no date as to when this will be law nor to what extent the changes will help home owners.
Anthony Brunt can help you because he have more than 35 years experience in this specialised field of valuation and negotiation coupled with tribunal experience so why not ring on 0121 624 8545 for a no obligation discussion..