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:-
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.
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.