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.”