Hundreds of leaseholders at Sandringham Crescent, Sandringham Mount, Sandringham Way and Sandringham Drive are being urged to extend their leases before March 2021. Failure to do so may significantly devalue their property and may incur material costs which can be avoided if leaseholders act now.
Lease extension solicitor at Holmes & Hills, Callie Tuplin, is issuing the warning and explains the issue affecting the leaseholders below.
In just a few weeks' time, March 2021, hundreds of leaseholders at Sandringham Crescent, Sandringham Mount, Sandringham Way and Sandringham Drive in LS17 8 will see their leases fall below the critical point of 80 years remaining on the term of their lease.
When a lease falls below the point of 80 years remaining, it becomes significantly more expensive to extend the lease. The cost is likely to increase by several thousands of pounds. This is due to a piece of law that states additional compensation must paid to the freeholder, this being called ‘Marriage Value’.
Leaseholders can avoid incurring this additional cost by speaking with the lease extension specialists at Holmes & Hills Solicitors immediately and commencing the lease extension process. This will allow for the lease extension solicitors at Holmes & Hills to serve the formal Notice to extend on your freeholder before the critical date affecting these leaseholders.
If you do not do what other leaseholder have done and call Holmes & Hills with a view to commencing the lease extension process, your lease will fall below the 80 year mark. This means:
It is not in the interests of the freeholder to highlight this issue to you. Your freeholder will hope that you do not extend your lease before the critical date in March 2021 deadline because if you fail to do this, they will receive more money from you when you do get to extending your lease. There is no legal obligation on them to highlight this issue to you.
Holmes & Hills Solicitors is already dealing with leaseholders at Sandringham Crescent, Sandringham Mount, Sandringham Way and Sandringham Drive and so we are aware the critical date is extremely close. If you contact Holmes & Hills Solicitors immediately, our lease extension specialists can provide you with free initial advice and commence the process of extending your lease before the critical date in March 2021.
Timing is critical. It is strongly recommended that you call Holmes & Hills Solicitors today on 01206 593990. Due to the urgency of the matter, phone calls to this number will be answered at during normal weekday working times as well as evenings up to 9pm and on Saturdays and Sundays 9am to 8pm.
When you call Holmes & Hills Solicitors on 01206 593990 you will receive free initial advice and guidance and be told what you need to do and how much extending your lease is likely to cost.
Leasehold Valuers is a company of surveyors. If you have already instructed Leasehold Valuers or are thinking of doing so, you will also need expert legal advice from a specialist lease extension solicitor and this is where Holmes & Hills Solicitors will be able to assist you. Holmes & Hills has expert lease extension solicitors that advise, guide and represent leaseholders across the country in relation to extending a lease. Holmes & Hills is a nationwide panel solicitor for the Association of Leasehold Enfranchisement Practitioners (ALEP).
To clarify, when extending a lease, a leaseholder will need to engage two professionals:
a) A lease extension solicitor, and
b) A lease extension valuer (Surveyor and member of the Royal Institute of Chartered Surveyors)
On 7th January 2021 the Government announced that they were proposing several changes to the law which they intend will make it cheaper to extend a lease in future. Unfortunately, due to the lengths of time it takes for proposed reforms to become law, it is not expected that anything will change for several years. Due to the critical deadline of March 2021, leaseholders at Sandringham Crescent, Sandringham Mount, Sandringham Way and Sandringham Drive are recommended to commence their lease extension before the critical deadline of March 2021.
For more information on the Government's proposed leasehold reform, please contact Holmes & Hills Solicitors on 01206 593990 and we will happily discuss this with you and answer any questions.