Leasehold Solutions is passionate about empowering flat owners to take control of the value of their properties by extending their leases or buying their freeholds. We have enabled thousands of flat owners to do so since 2002.
2017 set to be the worst year for leaseholders, claims leasehold expert and MD of Leasehold Solutions, Louie Burns
Last year was the worst year to be a leaseholder in living memory, and the situation for the UK’s 4.1 million leasehold flat owners looks set to be even worse in 2017. That’s the view of our Managing Director, Louie Burns.
A series of developments during 2016 has made it increasingly difficult for flat owners to exercise their legal rights, while the cost of doing so has also risen significantly.
Louie said: “It is no exaggeration to say that 2016 was the worst year to be a leaseholder in recent times. From increasing the costs of seeking a resolution through the courts, to a seismic decision on how the value of leasehold extensions are calculated, to a new ruling that affects leaseholders’ right to manage their block, power has been steadily concentrated with already powerful freeholders, to the detriment of leaseholders.
“I’m afraid this trend looks set to continue during 2017, perpetuating the many injustices and inequalities of the UK’s feudal and outdated leasehold system.”
The reality of ‘virtual freeholds’ is a real nightmare for thousands of flat owners
The owners of tens of thousands of newly-built leasehold flats, marketed as ‘virtual freehold’ properties with 999-year leases, are in danger of losing their capital investment, claims Louie Burns, Leasehold Solutions’ Managing Director.
The term ‘virtual freehold’ implies flat owners do not need to be concerned when buying a leasehold property, as the long lease should protect their capital investment indefinitely. But the reality is that buying a ‘virtual freehold’ property can become a real nightmare, with onerous ground rent schedules and service charges seriously affecting the flat owner’s ability to sell the property in the future. Read more….
Compulsory purchase orders on London’s council estates a “form of social cleansing”
Our MD, Louie Burns, argues that the threat of Compulsory Purchase Orders (CPOs) has become one of the biggest perils to ex-local authority leaseholders in London and that the human cost of CPOs amounts to a form of ‘social cleansing’ which will force the poor and ethnic minorities out of the capital. Read more here
Slow post-Brexit house price growth may be good news for flat owners
The growth in UK house prices slowed to its lowest pace in three years in July, following Britain’s vote to leave the European Union and recent changes to stamp duty rates on buy-to-let properties and second homes.
Louie Burns on BBC Radio 4’s ‘You and Yours’ programme
Do you want to know more about non-statutory or ‘informal’ lease extensions?
View our guide to The dangers of accepting informal lease extensions here (For MAC) View our guide to The dangers of accepting informal lease extensions here (For PC)
Louie Burns has recently recorded a video highlighting the dangers of accepting informal lease extensions.
You can watch it here.
Have you been offered an informal? Do you want to discuss it with one of our expert team?
Call Leasehold Solutions on Freephone 0808 1311 109
Leasehold Solutions’ FREE TO ATTEND event for flat owners in Hackney
Leasehold Solutions is hosting a FREE event to provide Hackney flat owners with expert advice on their leases and their rights as leaseholders.
The latest Leasehold Roadshow will take place at The Tomlinson Centre, Hackney on Monday 27 February 2017 from 3pm to 8pm and will offer specialist advice to flat owners in Hackney and those keen to understand their rights before purchasing a flat.
To find out more visit: www.theleaseholdroadshow.co.uk
Brexit vote may spell opportunity for flat owners to secure cheaper lease extensions
Falling residential property prices in the wake of the ‘Brexit’ vote may be good news for the UK’s four million leasehold flat owners, according to leasehold enfranchisement specialists at Leasehold Solutions.
Ruling on leasehold relativity is bad news for flat owners
In May the Upper Tribunal (Lands Chamber) handed down its landmark decision on leasehold relativity (Sloane Stanley Estate v. Munday, 2016). In what may turn out to be one of the most significant decisions in the history of leasehold enfranchisement, the Upper Tribunal ruled against a new relativity graph proposed by Parthenia Valuation, which would have reduced the cost of lease extension for flat owners, in the event that their lease drops below 80 years.
Our MD, Louie Burns, said of the decision:
“As a result of the Upper Tribunal’s decision, leaseholders will now be forced to pay even more for their lease extensions – to the tune of many millions of pounds.”
Why a boom in leasehold flats – for young and old – is causing concern
We are passionate about the rights of leaseholders, and have long been concerned by the increase in number of new build properties being sold as leasehold. Louie Burns, discusses the problems and the lack of protection faced by buyers in a The Daily Telegraph.
We discuss the issue of maintenance charges on ITV London News
Louie Burns was recently invited by ITV News to comment on outrageous maintenance charges levied upon the owner of an ex Local Authority leasehold flat in London E6.
At Leasehold Solutions we are passionate about highlighting the rights of leaseholders – including those who have purchased from social landlords (we use the term ‘freeholder’ to avoid confusion) and we were delighted to be given the opportunity to comment on this particular case.
Purchased or thinking of purchasing your leasehold property from the Council, Local Authority or other social landlord?