Following the recent growth in the levels of our lease enfranchisement and extension work, we are delighted to announce the appointment of Sam Davies to our team in Salisbury. Sam specialises solely in lease extension, right to manage company and leasehold enfranchisement having gained invaluable experience in the Brighton area.
The current economic climate shows no signs of abating and like most the property market continues to be adversely affected. For long leaseholders however there has never been a better time to extend or go through the lease enfranchisement process – and actually use the slump in property prices to their advantage, especially as mortgage lenders also continue to adhere to strict lending criteria and will typically not lend against leases of 80 years or less.
A recent government report stated that several million leasehold properties require extensions and nearly 40% of sale properties valued at less than £500,000 have leases of fewer than 80 years. Many of these would also benefit from lease enfranchisement. In recent months, many lenders have also amended their policies in favour of long leases and increased the requisite number of years remaining on a lease, for properties they are prepared to lend against. Compare this against recent years prior to the recession, when many mortgage lenders lent on properties with fewer than 50 years remaining on the lease.
For Bonallack & Bishop, the level of lease extension and enfranchisement advice we provide for tenants directly has already grown by about 200% in the last couple of years. We have plans for similar and sustained growth in this area over the next three years.
This is not without its challenges however, not least because a significant number of people in the real estate industry simply don’t understand the availability of the statutory lease extension and enfranchisement rights of long leaseholders – this is not limited to tenants themselves – it’s remarkable how many estate agents, for example, are wholly unaware of the availability of lease enfranchisement and leasehold extension rights.
Looking for specialist Lease Enfranchisement Advice?
Lease extension and enfranchisement is a highly complex area of the law. Most solicitors never come across lease enfranchisement and simply haven’t a clue how to deal with it. Fortunately we do and the appointment of specialist solicitor Sam Davies is part of our strategy to become both regionally and nationally recognised experts in lease enfranchisement
So wherever you live in England and Wales, contact our specialist enfranchisement solicitors today on 0800 1404544 to ensure you get professional advice from the outset.
So for FREE initial phone advice;
• call our experts today on 0800 1404544 OR
• e-mail us using the contact form below
Comments or questions are welcome.