Leasehold houses and bungalows can be a problem for many home owners especially if they plan to sell.
As the lease runs down it can stop or delay you selling if the number of years left are too short for a purchaser to obtain a mortgage.
If you are getting on in years it can be a costly problem for relatives to have to deal with after you have gone.
Provided you have owned the house or bungalow for more than 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 lease out and thus obtain the freehold and the freeholder cannot refuse to sell to you.
In other words you have the right of compulsory purchase but you may have to go through some legal hurdles to get there which is why you need specialist help.
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!
Leasehold houses have made national news recently and there are plans to alter the regulations but as yet we do not know when HM Government will bring their plans into being and with Brexit high on the political agenda at present it may be we will be stuck with the leasehold reform system as we know it for some time yet.
Anthony Brunt & Co can help you because we have more than 30 years experience in this specialised field of valuation and negotiation coupled with tribunal experience.
Remember the longer you do nothing about it the worse things become because as the lease runs down the price goes up.
Telephone: 0121 478 2525