Lawyers and Conveyancing solicitors have called for reform of the rules on leaseholds, alleging that some landlords and freeholders are taking advantage of home owners who do not understand their rights on Lease Extensions.
Former Law Society president, Paul Marsh, is reported in the Times as saying : "The key to realise is that leases are a wasting asset. The shorter the lease when you sell, the worse your position. And if you want to extend in a hurry, you're in a bad negotiating place.
Mr Marsh added : "The statutory process behind lease extensions can take a long time, especially if the landlord wants to play the game. I've known of landlords threatening to draw it out if the leaseholder doesn't cooperate on price. "
The Leasehold Advisory Service (Lease) has a free calculator into which leaseholders can enter details of their home's value, ground rent and remaining lease term for an idea of how much they should pay for a lease extension. Alternatively, please feel free to call the Lease Extension Team at Fridaysmove for some free general advice concerning lease extensions.