Own a Property in S20?
You may be losing thousands in value each year. Act now!
Hundreds of homeowners in the S20 postcode could be sitting on a ticking time bomb. If you own a leasehold property in this area, your home maybe losing value year after year because of the time left on the lease.
With our new Lease Checker we can tell you whether you have this problem for just £50 +VAT.
What is a leasehold property?
Many houses in the S20 area are ‘Leasehold’ properties. The classic example for the rest of the country would be a Flat, however in Sheffield it is very common for houses to be Leasehold too.
When you purchase a Leasehold property, you own the right to live in the property for the period of the Lease. The Lease itself will be owned by a Landlord, to who you will pay an annual ground rent. If you live in a property where you pay a ground rent, then your property is Leasehold.
So what’s the problem?
When they were first written, the Leases were given a long period - often of several hundreds of years. This was a very long time ago however, and the number of years left on them is beginning to dwindle. This is a growing problem across Sheffield, and the S20 area in particular is greatly affected.
A property with less than 70 years left on the lease is practically impossible to sell. No mortgage lender or building society will agree to give potential buyers a mortgage on it. Furthermore, as the time begins to expire, more and more of the property’s value passes to the Landlord. As an example, a property with 60 years left on the lease loses about 12.5% of its value, and by 50 years this increases to 25%.
What can I do?
The time periods, terms and Landlords for each Lease vary from property-to property,
If you are concerned about the Lease on your property, Banner Jones Solicitors in Sheffield can help with our new Lease Checker service for a fixed-fee of £50 + VAT.
As part of the service, one of our specialist Solicitors will look into your Lease, and prepare a jargon-free report to help you understand your position. The report will contain full details of the Lease itself, including how many years are left and details of who your present-day landlord is. Our Solicitors will also give you advice on what this all means for yourself and your property, the options that are available to you and what they believe to be the best way to proceed going forward. This may be extending the lease, or even purchasing it from the landlord outright.
Get peace of mind for your property with the Banner Jones Lease Checker, and identify any problems before they could cost you thousands.
All for a completely fixed-fee of just £50 + VAT
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(Ongoing Client Survey)
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