Home owners struggling with leasehold issues in Cramlington will be offered specialist advice at a free roadshow event on Wednesday 24 October.
Local estate agent Paul Reynolds has invited leasehold enfranchisement experts from Leasehold Solutions to provide FREE help, information and advice to the many hundreds of Cramlington leaseholders faced with short leases.
The roadshow will be delivered by Louie Burns, Managing Director of Leasehold Solutions. A Trustee of the Leasehold Knowledge Partnership and adviser to the National Leasehold Campaign, Louie is a well-known and passionate advocate for the rights of leaseholders, and the author of ‘The Leaseholder’s Simple Guide to Leasehold’.
Louie will be joined at the Leasehold Roadshow by Chris Last, a lawyer from Leasehold Law and Joanna Stephenson, a RICS valuer from Leasehold Valuers.
The free-to-attend event, which takes place at the Cramlington Village Club (formerly the Cramlington Working Men’s Social Club) on Wednesday 24 October 2018 from 3pm to 7:45pm, will offer specialist advice to owners of leasehold properties and those keen to understand their rights before purchasing such a property.
The event will explore the challenges of leasehold and the tricks used by freeholders, the process and costs leaseholders might expect when extending their lease or buying the freehold and outline the negotiations that will occur and how leaseholders can strengthen their position.
It has been organised and is supported by the Cramlington Development Trust, which works closely with the local community to bring about long-term social, economic and environmental benefits to the town’s residents. The event is also supported by the Cramlington Leaseholders’ Group.
Louie Burns said: “Leasehold Solutions is fully supporting the Cramlington leaseholders to take back control of their properties and we are pleased to be assisting Paul with his event to deliver free help, information and advice to the leaseholders faced with short leases.
“Leasehold is a complex area and it can be very difficult for leaseholders to get access to the information they need to protect themselves and their interests. That’s why we’re bringing the Leasehold Roadshow to Cramlington, 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 landlords.
“We see so many cases where leaseholders get exploited by unscrupulous freeholders, who charge obscene costs for lease extensions or offer informal lease extensions, which convey no legal protection whatsoever. Our Roadshow will provide leaseholders with expert guidance, so they can make informed decisions.”
Why are leaseholders struggling in Cramlington?
Cramlington was built during the 1960s and three-quarters of the town’s properties were sold leasehold, with leases typically lasting 99 years. These short leases are now causing real problems for homeowners who are finding it very difficult to sell or re–mortgage as most leases have fallen below 80 years, after which the cost of extending the lease or buying the freehold rises sharply.
Leaseholders in this position must compensate the freeholder for the ‘added value’ deemed to have been bought by adding to the lease’s life at such a late stage, because properties with a longer lease are worth more on the property market.
With a freehold property, buyers own the property and the land it is built on. With leasehold, leaseholders only buy the right to live in a property for the period of the lease. Ownership of the property reverts to the landlord once the lease expires, or leaseholders can pay to extend the lease or purchase the freehold which can be very expensive.
Mortgage lenders generally don’t like to lend against a home with a short lease because it doesn’t offer as much security and is seen as a riskier asset to hold. It leaves owners with little option but to extend the lease.
Louie continued: “Attending this Roadshow is a must for leaseholders in Cramlington. We will cover a range of key issues during the event, whilst providing crucial information and insights, with plenty of opportunity for questions and answers.”
Places are limited and must be booked in advance. For more information or to book a place at this FREE event visit www.theleaseholdroadshow.co.uk.
-ENDS-
Notes to Editors:
Louie Burns, Managing Director at Leasehold Solutions is available for interview.
For more information contact Michael Taylor or Charlie Vavasour at Quantum Public Relations on 01233 500200 or email michael@quantumpr.co.uk