Salisbury, United Kingdom (PressExposure) February 04, 2012 -- Hampshire, Wilts and Dorset-based solicitors, Bonallack and Bishop have launched a new specialist website dedicated to the area of lease extension. The new website, Lease Extension UK, deals with an area of law that is expected to grow significantly over the next 20 years. Every residential lease in England and Wales that was originally granted for over 21 years, will need extending at some stage if the leaseholder is not simply to hand back their property to the landlord at the end of the lease. Bonallack and Bishop believe that education is the key in this area.
The law firm's senior partner, Tim Bishop, commented;
"Lease extension is one of the hidden secrets of UK law. It's remarkable how few estate agents, or even solicitors, are aware that tenants of long leases are generally able to force their landlord to grant them an extended period of 90 years on top of their existing lease. Although, there are costs involved in any lease extension, they are normally significantly outweighed by the potentially substantial increase in the value of the property in question - usually a flat. We believe that public will gradually become more aware of the issue, particularly as mortgage lenders are increasingly tightening their lending criteria in the current tough economic climate - often illegally refusing to lend on leasehold properties with less than 70 years left to run the lease."
The new website deals with a variety of issues surrounding lease extension including eligibility, costs, procedure, the role of specialist solicitors, the need for an independent lease extension valuation along with both a lease extension blog and an explanation of the alternatives to lease extension - exercising the right to manage or coming together with other tenants to jointly purchase the freehold of the block in question -the process of which is usually referred to as collective enfranchisement. Although lease extension usually applies to flats or apartments, it can also apply to that very small number of houses that are owned on a leasehold rather than freehold basis.
Tim Bishop concluded,
"My firm already does more lease extension work nationwide then ordinary residential conveyancing - and we believe, that such is the unmet demand amongst many thousands of leaseholders, that we will be able to double our lease extension work within the next two years. It is a very exciting prospect."