Lease Extensions

Almost all flats in England and Wales are leasehold. The leases are as individual as the flats themselves but share one feature in common – they are diminishing assets. In other words, as the lease gets shorter the value of the flat falls.

To an extent, house price inflation disguises falling value but mortgage lenders are aware that their security is adversely affected by the passing of time and finance for short leases can be difficult to obtain. This can cause problems when you come to selling your flat.

Under the provisions of the Leasehold Reform Housing and Urban Development Act 1993 leaseholders who have owned their flat for more than two years are entitled to extend their lease for a further 90 years.

Parsons Son & Basley have been advising both freeholders and leaseholders since this legislation was introduced in 1993. We now deal with more than 300 individual cases every year. Although based in Brighton we cover the South Coast, London Boroughs and as far as the West Midlands.

Because the needs and expectations of landlords and tenants are disparate we have a dedicated team for each party.

We offer a free initial consultation to explain the valuation process and to discuss individual requirements. Please contact:-

Geoff Holden FRICS for freeholder enquiries or Paul Holder MRICS if you are a leaseholder.

Collective Enfranchisement

In addition to advising on lease extensions we also provide valuations for collective enfranchisement.

Again, mindful of the different needs of the parties we have separate teams advising freeholders and leaseholders.

Houses

Although there are very few leasehold houses in South East England we will also be pleased to advise both freeholders and leaseholders regarding valuation issues under the Leasehold Reform Act 1967.

"I wish to thank you (sic Barry Hough) and Paul Holder for the way you have conducted the business of re-letting the premises, your approachability, availability, professionalism, advice and friendliness is greatly appreciated by me. If ever I need to call on such services again or are asked for a recommendation, you are at the top of the list, trust me."
Mr D B
Brighton
"Good Morning Paul Holder. Thank you for your emails. That is great news that the District Valuer has agreed your figure already. Your help is much appreciated”.
W M
Solicitor, Hove
"Paul has been very helpful to me in advising on valuation and sale of a leasehold flat involving legal dispute with the freeholder who wished to buy it, and as a sale price negotiator. After preparing a report and valuation of a lease extension, Paul successfully negotiated the flat's sale price upwards of 50 percent over the freeholder's original offer. I would not hesitate to employ him again for any problematic property transaction; likewise any surveyor at Parsons Son & Basley who have now done two RICS Homebuyer surveys for me”
Mrs G M
Brighton
"I am grateful and would like to thank you for your negotiations and your advice along the way”
D P
Hove
"Paul Holder has provided me with invaluable professional support over the past year. I was delighted with the result he achieved on my behalf - I could not have hoped for a similar outcome had I proceeded unaided."
Mrs L W
Brighton