What is an adequate lease length?

[Jeffrey Shaw 90]

actually its the leashold reform act 1967.

Actually, it's not. The 1967 Act creates the right of enfranchisement only.

As to an ex-long-leaseholder's right to remain, see s.186 of the Local Government and Housing Act 1989 http://www.legislation.gov.uk/ukpga/1989/42/section/186 and Schedule 10 thereto.

[Cyclone 10]

5. That's precisely why T must buy the f/r. Yes, it's always worth doing if the price is fair.

 

Isn't there a formula that works out how much you should pay to buy the FR?

[Jeffrey Shaw 90]

Isn't there a formula that works out how much you should pay to buy the FR?

HOUSES: no, it's negotiated.

FLATS: sort-of, based on certain Court cases.

Either way, there's no formula fixed by law.

If L and T can't agree, either can refer it to the Leasehold Valuation Tribunal.

[Cyclone 10]

Maybe that's what I was thinking off, and the tribunal does use a formula and can enforce it's valuation right?

[Jeffrey Shaw 90]

Maybe that's what I was thinking off, and the tribunal does use a formula and can enforce it's valuation right?

No- as with any civil Court (= non-criminal), it hears both sides' evidence and then decides if the plaintiff ('claimant') has proved his/her case on the balance of probabilities.

Most cases that start down the road to LVT never reach a hearing but are settled prior (because that's cheaper re fees and quicker).

[Pscylo 10]

less than 80 years on the lease and it will get expensive; something to do with marriage values I believe. There is a formula of sorts, but it is open to interpretation.

[Jeffrey Shaw 90]

less than 80 years on the lease and it will get expensive; something to do with marriage values I believe.

Yes- this is statutory, in:

a. the Leasehold Reform Act 1967 (houses); and

b. the Leasehold Reform Housing and Urban Development Act 1993 (flats).

 

There's also a non-statutory seventy-year trigger. Below that lease length, most mortgagees will reject the leasehold estate as being considered not a 'good and marketable security'.

[Soldier boy 10]

Isn't this great, this is proper discussion! I've just read the posts and actually feel like I've benefitted rather than read a tit-for-tat sniping thread.

Reckon if I need any conveyancy doing. I know who I'll be contacting!

[Pscylo 10]

Jeffrey knows his stuff; seen many a post on another property website he frequents and have exchanged a few posts under another anonynym in the past.

[Jeffrey Shaw 90]

Thank you both for your kind comments.

[Pscylo: your PM inbox is full and needs emptying!]

[Pscylo 10]

now emptied