JLL’s forecast that London house prices are expected to rise by 30 per cent over the next five years makes pleasant reading if you’re a freeholder.
But it’s slightly more sobering if you’re a leaseholder looking to purchase the freehold of your property.
And there’s potentially more bad news for purchasers – the stamp duty changes announced in the Chancellor’s Autumn Statement last week look set to push up prices still further.
Property experts are forecasting higher prices for property where duty has been cut as vendors cash in on the lower tax rate.
As solicitors, we leave the matter of detailed property values to chartered surveyors with whom we work closely.
But as residential leasehold specialists, we can tell you that hikes in London property prices are likely to affect freehold purchases, individual lease extensions and cases involving right of first refusal.
Ground rents would be less likely to be affected because they tend to be fixed for longer periods.
But the general costs associated with purchases relating to leasehold property in London are likely to experience upward pressure.
So it makes sense to instruct professionals with London residential leasehold property expertise – but without the expensive overheads and fees usually associated with being based in the capital.
The London market may be soaring ahead of the rest of the UK in terms of property prices but that is no reason to pay higher fees for professional services that can be delivered equally well at Dorset rates.
It’s not just about lower fees though. Our specialist residential leasehold team gets lots of positive feedback from London clients who are impressed with our legal expertise and high quality of customer service.
Discover this compelling value proposition for yourself – get expert advice on London freehold purchases, lease extensions and other residential leasehold property matters.
Contact Associate Solicitor Nick Leedham, for more information, 01202 355697.
