If you are the owner of a leasehold property and the unexpired term on your property is nearing the critical level of 80 years left to run, you should be aware of the ‘leasehold timebomb’.
The leasehold timebomb relates to the problem of a decreasing unexpired term on leases for residential properties. You can quickly tell if this problem may affect you by answering the following question :
Do you pay ground rent?
If the answer is yes, this means that your property is leasehold and you own a wasting asset. The value of your property will reduce every year as the remaining time on your lease decreases – timebomb!
Through our sister company MJ Boaden Chartered Surveyors we can help you to resolve this issue by ensuring that the price you pay to purchase your freehold or extend your lease is fair and reasonable.
In recent years, Michael Boaden has developed particular knowledge and experience of dealing with the issue of short residential leases. In particular, those which have less than 65 years remaining in locations such as Cramlington, Kingston Park and Hadrian Park in Wallsend. He has acted on many cases for leaseholders and has been asked to present at property conferences on this subject matter.
Please visit our dedicated Leasehold Timebomb website here.