Welcome to the brand new myleasehold website. We have had a fantastically busy year and are looking very much forward to even more in 2011.
We have set up an industry related forum for discussion and networking on the professional networking website, LinkedIn. The group is called Leasehold Enfranchisement.
Mark has been busy with a lot of valuation work, and more professional presentations at law firms or estate agents’ offices, explaining all about the valuation process and our function in it.
We have also taken on a new consultant Surveyor, Ivan Taylor, who will be working closely with us from now on. Read more about him on our About Us page.
Finally, we have welcomed into our expanding team the lovely Sarah Strain.
Myleasehold are planning many new ventures for the year ahead, and we are delighted to be able to keep you up to date via this blog and the website!
Thank you for taking the time to visit our new site.
– the myleasehold team
myleasehold are looking for a Leasehold Reform Surveyor. If you, or anyone you know may be suitable for the position please get in touch!
myleasehold is delighted to welcome our newest employee, Ghulam Yasin, to the team.
Ghulam is a Leasehold Reform Surveyor, and brings his extensive knowledge and experience from previous positions at Cluttons LLP and Gerald Eve to our growing office.
We are thrilled to have him with us, and look forward to many new exciting ventures together. You can read more about Ghulam on our Meet The Team page.
With the September quarter day looming we have recently had a number of calls from confused Leaseholders claiming that their Landlords are still charging them ground rent, even after they have extended their leases under the Act.
I wouldn’t be surprised if there are more Leaseholders out there who continue to pay the rent without knowing that they don’t need to. This is something we will now endeavour to emphasise to our clients who obtain a statutory lease extension – it seems some of the larger Landlords may not be updating their systems. Property managers also take note!
If you have negotiated a lease extension outside of the Act (i.e. ‘informally’), ground rent may still be payable, depending on the arrangement you have come to with your Landlord. However, don’t forget that a statutory lease extension of 90 years executed under the relevant legislation eliminates the ground rent.
Launching today we have a very exciting new feature for our website: the Lease Extension Calculator.
Whilst the calculator is for guidance only and cannot be relied upon to give completely accurate figures, we hope that many will find it a useful starting point when considering their position with regards to extending a lease.
If you use the calculator, see the premiums it produces and want to know more – please call us today to discuss your options. We offer a free 10 minute consultation and one of our advisors will be glad to discuss any questions you may have. Alternatively, you can email us, or instantly chat with us using the chat widget at the bottom right-hand side of the page.
Last week we were mentioned in an article published in the Manchester Evening News, entitled ‘It Makes Sense To Buy Your Freehold‘.
In the article we discussed how lenders are becoming increasingly reluctant to lend on short leases, which is why shorter leases are problematic to buy and sell. We also mentioned that the cost to extend a lease or buy the freehold of your property is negotiable, which is why we recommend that leaseholders (and freeholders) always take their own independent professional valuation advice.
We find that all too often property owners do not know their rights and end up paying more or receiving less than what they are entitled to.
Mark Wilson, Managing Director of myleasehold, says: “Leaseholders should never be shy to enquire whether the premium proposed by a freeholder is fair and reasonable. The method used to calculate the premium is complex, so home owners should hesitate before they try to negotiate terms without expert advice. Freeholders should receive what they are entitled to, not necessarily what they want.”
What with all the ‘best of’ and round up lists of 2011 popping up everywhere, I thought I’d share a little case of ours from last year.
In December 2009 we advised a lessee that the freehold of their 927 year lease was worth £129. It took until September 2011 for the LVT to determine the same, with a £2,000 costs award against the freeholder along the way in the county court for not admitting the claim. The freeholder’s conduct was not any better in the LVT nor less obstructive and unreasonable. Another cost was awarded against him for the maximum of £500.
As far as we know the premium determined by the LVT of £129 is a record-breaker and the LVT determination itself was delivered 24 hours after the hearing, which we also think is a record! An application to the Guinness Book of Records is pending.
The Landlord lost just under £2,400 on the deal. An interesting case in its own way.
Chartered Surveyors myleasehold ltd in conjunction with HPLP Solicitors will be running a series of introductory information sessions for Hampstead flat owners in the coming months; a beginner’s guide to preserving the value of your leasehold property.
Shorter leases (with less than 100 years unexpired) are increasingly becoming a concern for home owners. But how aware are leasehold flat owners of their rights? Does the lease extension process seem too overwhelming, complicated, expensive and landlord-friendly?
It needn’t be such a daunting process. HPLP and myleasehold ltd are offering free expert advice from their solicitors and valuers who specialise exclusively in this niche area of property valuation and legislation.
Flat owners will have the chance to hear a simplified and easily digestible explanation of the lease extension process, or the steps to take when purchasing a share of the freehold.
The floor will also be open for people to ask questions and get answers specific to their circumstances. Myleasehold ltd and HPLP are here to help solve problems and reassure people of their rights and ability to maintain their asset’s value.
The sessions will be run in two 45 minute slots on a number of Thursday evenings in the coming months. The full details are below.
Place: Hampstead Community Centre 78 Hampstead High Street, London NW3 1RE
Dates: 15th March, 29th March, 19th April, 3rd May
Time: 6:30pm – 7:15pm, 7:30pm – 8:15pm
Lately, we have had a lot of enquiries coming in from clients who are either buying or selling leasehold property.
This is a shift from the previous year or so; where market conditions have meant that people are looking to maximise the value of their current assets, either by extending their leases or purchasing a share of the freehold of their properties.
Now it seems that consumers are looking to buy and sell.
BUYERS: If you have come across a leasehold flat for sale, and are wondering what effect the short lease has on your purchase, try our lease extension calculator and give us a call to discuss the benefits and pitfalls of buying a short lease.
SELLERS: If your lease has dropped below 80 years unexpired and you are thinking of selling, get in touch with us today to discuss how you can improve the saleability of your property using leasehold enfranchisement.
We were delighted to join ALEP, the Association of Leasehold Enfranchisement Practitioners, at the Landlord and Letting Show earlier this week.
It was a great morning of talking to leasehold property owners and other property professionals, helping people to use and understand our Lease Extension Calculator, and answering valuation questions after Alex Greenslade’s seminar.
Hope to see you there next time.