The leasehold scandal has been dominating national media headlines for months. Now a firm that project manages lease extensions has warned that thousands of leaseholders across Coventry are facing huge bills to extend their leases.
Louie Burns, Managing Director of the Leasehold Group of Companies, explains: “It is crucial that leaseholders act to extend their lease before it drops below 80 years, as the cost of extending the lease skyrockets thereafter.
“Leaseholders in this position will also be unable to sell or re-mortgage their property until the lease is extended, so they need to act urgently in order to protect the value of their home.
“Across Coventry we see very little awareness among leaseholders, who end up spending thousands of pounds more to extend their lease, simply because they didn’t act soon enough.
“80 years may sound like a long time, but it’s crucial that leaseholders act before the lease falls to this point. Once the lease drops below 80 years, leaseholders must pay 50% more than the usual lease extension price, which often adds up to tens of thousands of pounds extra.”
Market-leading enfranchisement experts from the Leasehold Group of Companies will hold the first ever ‘Leasehold Roadshow’ in Coventry this May. The free-to-attend event will offer specialist advice to owners of leasehold properties struggling with issues including rising ground rents, service charges and lease extensions.
The Leasehold Roadshow Coventry will take place at the DoubleTree by Hilton Coventry on Wednesday 22 May between 1pm and 6pm.
The event will feature informative seminars and one-to-one meetings with project management, legal and valuation experts, to give leaseholders the chance to discuss specific issues and gain free advice from qualified and experienced leasehold lawyers and surveyors.
Louie Burns continued: “We’re bringing the Leasehold Roadshow to Coventry to provide leaseholders with free, honest and impartial advice to help them extend their lease or buy their freehold without getting ripped off by their freeholders.
“There are many abusive practices carried out by freeholders to exploit leaseholders. Across Coventry we’ve seen instances of informal deals being offered to leaseholders, which offer them no legal protection whatsoever, as well as onerous ground rents, unfair service charges and freeholders charging leaseholders for permission to make alterations to their homes.
“Our Roadshow will help leaseholders to consider their options and choose the best course of action according to their situation, whether that’s to extend their lease or buy their freehold and take back control of their own financial destiny.”
Places are limited and must be booked in advance. For more information or to book a place at this FREE event visit https://www.theleaseholdroadshow.co.uk/coventry-2019/