Property expert warns Bristol’s leaseholders they could be charged thousands extra to extend their lease if they let it drop below 80 years
The so-called leasehold scandal has been dominating national media headlines for months. Now a firm that project manages lease extensions has warned that thousands of leasehold homeowners across the South West of England 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 the lease length drops below 80 years, as the cost of extending the lease skyrockets thereafter. However, across Bristol and the South West, 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 when it comes to protecting the value of a leasehold property, it’s crucial that leaseholders act before the lease falls to this point. Freeholders are delighted when leaseholders let their lease run down, as they make a massive profit on the lease extension.
“Leaseholders who fail to extend their lease in time could end up paying 50% more than the usual lease extension price, which often adds up to tens of thousands of pounds. This is because after the lease is extended, the property is worth more, and the law states that the leaseholder needs to compensate the freeholder for this increase in value.
“Leaseholders in this situation urgently need to extend their lease or risk losing huge amounts of cash, as the falling lease length only increases the cost of extending the lease.”
Market-leading enfranchisement experts from the Leasehold Group will hold the first-ever ‘Leasehold Roadshow’ in the South West this March. 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 South West will take place at the Holiday Inn Bristol Filton in Bristol on Friday 22 March from 1pm to 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 the South West 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 the South West, 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