Bath is a picturesque city of almost 90,000 people, nestled in the county of Somerset. It’s famous for its Roman baths and Georgian architecture and is a popular place for young families looking to start their lives together.
Given the price of property in Bath [ 2014 saw the overall average price of property in Bath rise to £371,294], it is no surprise that it is home to a particularly large number of leasehold flats – both purpose-built and conversions from older properties.
When any property is owned on a leasehold rather than freehold basis, you effectively own the property for limited period of time – and you don’t own the land it’s built on out right. That means that eventually the lease term will run out and you will know longer own the flat – and in the meantime, year by year, the declining lease term reduces the flats value.
Unless there been a subject of freehold purchase, the vast majority of flats in England and Wales are leasehold.
WHY YOU NEED TO EXTEND YOUR LEASE
Your lease term reduces with each and every year. This decreases the market value of your property as well making it increasingly less attractive to potential buyers.
In particular, once you let the lease term slip below 80 years, extending your lease gets rapidly more expensive [that’s because the “marriage value” becomes payable to your freeholder – click here to learn more about that].
NOW IS THE RIGHT TIME TO EXTEND YOUR LEASE
The lease extension process can be very long and arduous, so don’t leave it until it’s too late. Your lease stops getting shorter if you choose the formal route and serve the required notice on your freeholder, so don’t delay. What’s more, with property prices increasing you are hit by a double whammy – a shorter term means increased expense as does the increasing in the value of your flat.
In fact we have recently come across some surveyors who estimate that every year you delay extending your lease means you have to pay an extra 12% for your lease extension. That means in around just seven years, extending your lease will cost you double!
Remember: the earlier you extend your lease, the cheaper it will be.
YOUR LEASE EXTENSION – WHY CHOOSE US?
Extending a lease without the advice of a specialist solicitor is never a good move, as you can get burned if you don’t know what you’re doing.
Leasehold extensions usually involve keeping to rigid deadlines – missing one of those, can cause significant difficulties.
What’s more, if your freeholder tries to drag out the process even longer, your fees and stress levels will increase and it could become a whole lot messier. It’s for this reason that it’s essential that you get the right legal advice – from a lease extension specialist.
The law surrounding lease extensions is relatively complex and very few solicitors, even specialist property solicitors, deal with more than the occasional lease extension.
Our team are different. They specialise in lease extension for both leaseholders and freeholders throughout England and Wales – that’s why we are one of a small number of solicitors who are members of the only organisation for specialist lease extension solicitors – ALEP, the Association of Leasehold Enfranchisement Practitioners.
Our team also have years of experience of handling difficult freeholders, and are well aware of all the tricks that certain unscrupulous landlords try to play. If it becomes necessary, our team also have plenty of experience in taking cases to the First-Tier Property Tribunal [previously known as the LVT or Leasehold Valuation Tribunal]
HOW WE CAN HELP YOU EXTEND YOUR LEASE
Our specialist team will:
- provide you with FREE initial advice – just call FREEPHONE 0800 1404544 now
- provide a FREE ESTIMATE of how much your lease extension is likely to cost – including not just the legal and valuation costs but we can also give you an estimate of how much the actual lease extension premium will be..
- as part of our one-stop shop service, we will identify and instruct on your behalf a local specialist lease extension surveyor who will value your lease extension and can help you to negotiate a reasonable premium for the extension.
- do all of the paperwork – whether or not a formal notice is required, or whether you have agreed a private and informal lease extension with your freeholder.
- handle any application to the First-Tier Property Tribunal – in the unlikely event that becomes necessary
With one of our specialist team on board to handle the legal side for you,, the whole process should move much more quickly and sleekly, with you being able to rest assured that a professional is handling matters and will ensure that everything is completed as it should be.
YOUR BATH LEASE EXTENSION – WE CAN HELP
If you live in Bath and you’re thinking of extending your lease, or would like some information as to the potential benefits and costs of doing so, give us a call and our specialist team be more than happy to talk through your options with you – FREE of charge with no strings attached.
Although we are based in Salisbury, we represent clients nationwide – in fact we really meet our clients, and regularly handle hundreds of lease extensions every year by phone email and Skype video
- So just call us on FREEPHONE 0800 1404544 for a FREE initial phone consultation and a FREE quote for your lease extension
- Complete the email contact form below