|
With property prices low and management costs high!
There has never been a better time to own your Freehold!
Important Information for all Flat Owners
Are you a leaseholder or a Freeholder!..if you don't own your freehold you may be paying ground rent to a landlord plus expensive management and maintenance costs to a managing agent.
if you have a short lease (80 years or less) - it may cost you from £10,000 to £25,000 to extend it. Today it has never been easier to purchase (collectively) the freehold of your building and be in control of your property and costs. This is known as 'enfranchisement'.
Enfranchisement & Buying your Freehold - Cutting out the Jargon!
Leasehold law goes back to the middle ages and in many cases Landlords and Managing Agents have profited at the expense of flat owners from these old laws! But times have changed and the law has changed to enable you to own your freehold!
Although it appears quite complex the process to acquire your freehold is quite simple! So don't be put off - and use an experienced local solicitor with good know-how, such as Mark Poulton from Stephen Rimmer who will provide a free initial consultation - well worth it!
Ten good reasons to buy your Freehold:
You can extend your lease to 999 years
your property value should increase on average by 10%
You won't pay managing agent costs (if you decide to self manage)
your maintenance costs should reduce and help provide for a sinking fund
If you have a short lease you no longer have to pay for a lease extension
plus your property can be mortgaged if you sell!
You can make improvements to your property with the agreement of your other leaseholders free of charge charge.
You will no longer pay ground rent
You can update your lease
You will be a free-holder! And in control of your building and costs!
Surprisingly Eastbourne has one of the largest number of flats in the UK, comprising character to modern properties some of which suffered from neglect overtime and have seen better days.
Owning your freehold and being in control of your building is a step towards improved building management and overall standards of maintenance. This is where I can help with my FREE advisory service with a step by step guide to owning your freehold. But first of all a bit About Me.
Great Time to Buy your Freehold
There has never been a better time to purchase a freehold with property prices at their lowest for years. The value of your freehold is based on a measurable formula, in simple terms the lower the property value the lower the price of the freehold, based on a local surveyors professional valuation of your building.
Self Management
There are already quite a few properties in Eastbourne that self manage and I would like to perhaps form an association and put management companies in touch with one another and maybe even meet at somewhere like the Hydro Hotel over tea or a drink! to discuss issues and swap tips.
We are still on a learning curve and have used a range of services from gardening, tree surgery, seagull netting to cherry Pickers.
So feel free to contact me by email jilllucas@uwclub.net or by phone on 01323 728797 or 01342 892329 or 07802 585779.
Benefits of Self Management
With the benefit of owning your freehold you have the opportunity to self manage and cancel the services of the managing agent especially when they are often managing from a distance and you are on the spot! This is very straightforward and costs savings are significant. Typical administration costs alone can be upwards of £3k per annum and all the managing agents commissions can go into a good foundation for a sinking fund for major expenses such as the roof!
Useful Contacts
ARMA (Association of Residential Managing Agents Limited) ~ www.arma.org.uk
Leasehold Advisory Service ~ www.lease-advice.org
|
