If you own a leasehold property in either S6 & S20 postcode areas, your home maybe losing value year after year because of the time left on the lease.
Talk to Banner Jones. We are ready to help you.
Hundreds of homeowners in the S6 & S20 postcode areas could be sitting on a ticking time bomb. If you own a leasehold property in either of these areas, your home maybe losing value year after year because of the time left on the lease.
With our Lease Checker we can tell you whether you have this problem for just £50 +VAT.
Many houses in the S6 & S20 areas 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.
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 S6 & S20 areas in particular are 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%.
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.
Download our free guide covering everything you need to know about the process of buying or selling a residential property.
Mrs S,SheffieldI received excellent service for the purchase of my house
Talk to Banner Jones. We are ready to help you.
The current market and national economy is so uncertain that people may choose to wait and indeed remove their risk by pulling out of the transaction. Although there is no reason not to carry on as normal in terms of the legal process we have to consider slower transaction times or hesitant investors or buyers.
You can withdraw from a sale or purchase up until the point contracts have been exchanged. Any deposits paid after exchange of contract will then by non-refundable. After contracts are exchanged you are then responsible for the property you are buying and should arrange suitable insurance from this date.
A local authority search completed for a house purchase is valid for 3 months.
We usually say 8-12 weeks for an average sale or purchase. Queries and concerns can often come out of the local authority searches which need further investigation and sometimes this leads to re-approval from the Mortgage lender. This can add further time into the process.
Unfortunately, in this situation the seller will not be able to give vacant possession, which will lead to completion delays. As a preventative measure, as per question 1, we can offer to exchange contracts and complete on the same day, which ensures that contracts are only exchanged if all parties in the chain are able to move on that day, thus reducing the risk to all parties. This can be more stressful so we ask that clients be sensible and accommodating of the situation.
You can indemnify the work by taking out an insurance policy. This means that you can not be held liable for any future fault on the work that was done. We can arrange this for you
Stamp Duty is a tax levied by HM Government on a transfer of property. For residential single property ownership this tax is calculated at 5% for the portion of the property value between £250,001 and £925,000, 10% for the portion between £925,001 and £1,500,000 and 12% for the portion £1,500,001 and over. Duty may also be chargeable on any rental charge (leases only) - this affects both residential and commercial leases where different thresholds are applied. There are different rates for First time buyers and "second homes/buy to let".
Tenants is Common is where two or more people are entitled to the proceeds of sale in distinct shares - on the death of one, his/her interest will not pass to the survivor(s) but will be part of his/her estate. Joint Tenants are on the other hand 50/50 Co-owners of land - when one of them dies, his/her rights of ownership pass to the survivor(s).
We know that moving house is often a very busy and stressful time. This may leave you more susceptible to falling victim to property fraud. This guide outlines useful advice on what you can do to help protect yourself.
The restrictions on overseas travel has seen a race for UK holiday accommodation. Where property owners look to make money from ‘staycations’ by offering their homes on sharing platforms such as Airbnb, the ease of letting does not take away the responsibility to understand and keep up with relevant rules and regulations.
Recent government statistics have revealed that the Help to Buy ISA scheme is helping first-time buyers to get on the property ladder three years earlier than they otherwise would. The result has been calculated by looking at the average age of first-time buyers both with and without the ISAs. On average, those who use the ISA to buy their first home are three years younger than those who do not, with the median age of those using the Help to Buy ISA being 27.
It’s a troubling norm of today’s society that most people will have heard a horror story about property fraud from a family member, a colleague from work or simply reading online. Importantly, these stories need to be kept in perspective: remember, the tales of properties being rented and sold without any noteworthy problems are the ones people usually don’t bother sharing! However, it’s also worth taking heed of the negative experiences of others to ensure you do everything you can to avoid falling into similar traps.
Recent official figures have revealed that homebuyers are being lent more money by banks than at any time since the global financial crisis a decade ago, with many of the borrowers being young people for whom stepping onto the property ladder is barely affordable. As such, billions of pounds of debt which may prove unsafe is being taken on by them at a time when interest rates are expected to rise.
Is it ever possible to get the keys to a new home without gaining a few grey hairs? Read on to find out how to make it as simple as possible.
There are several reasons why downsizing your home may become a serious consideration for you in the future.
Check out our top tips below to ensure a smooth and easy moving day.
Moving to Chesterfield? Check out our Chesterfield Moving Guide for tips on how to turn your house into a home.
Check out our top tips below to ensure a smooth and easy moving day.
Download our free guide covering everything you need to know about the process of buying or selling a residential property.
Companies are within their rights to monitor the private online activities of their employees when they are in the office.
A woman recently won damages on behalf of her son for injuries sustained at his birth as a result of the alleged negligence of a consultant obstetrician and gynaecologist.
We’ve enlisted the help of some local relationship counsellors in Sheffield to provide you with some survival advice to help get you through a divorce.
Mr & Mrs B, MansfieldGreat service from start to finish. Josh kept us updated throughout the process and was always very prompt with responses. Highly recommended.
Mr & Mrs S, ChesterfieldWe opted to use Banner Jones for assistance with our property purchase. We found the team to be extremely professional and great with communication. All round impressed, would use again for other services. Thank You
Mr B & Ms R, Market WarsopCheryl gave an excellent service. Told us everything in detail. Good work, Cheryl.
Mr & Mrs H, MansfieldHollie was really great! What a great team, thank you very much!
Mr & Mrs B, ChesterfieldHouse moves are very stressful. First rate service. I was put at ease with everything and the way our move was handled. I would highly recomend Banner Jones.
Mrs S,SheffieldI received excellent service for the purchase of my house
Mr W, DerbyshireThanks very much Jenna. I have been very happy with Banner Jones's help in the sale of my home. Please pass on my thanks to Gemma. Best wishes.
Mr & Mrs C, HockleyHolly
Many thanks for all your help in making the sale /purchase of the above properties such a thoroughly smooth, stress free journey.
We can highly recommend your company .
Mr & Mrs J, Isle of WightHollie was excellent. They responded to all our enquires straight away and explained everything in great detail. Banner Jones offer a friendly and reliable service.
Mr & Mrs H, ChesterfieldThanks so much for all the hard work. Even though the chain wasn't without it's issues, we found you both to be swift in your responses and supportive to us as a family.
You'll be pleased to know we love our new home and have settled in brilliantly.