Tricky lease situation/nightmare?
Hi, I realise I need professional assistance for this, which I plan to do in the following weeks, but I am wondering if anyone has any advice.
– I bought a property with a short lease of 26 years remaining. The property was approx £100,000 with an estimated cost of £70-80,000 to purchase the freehold. The development value of around £210,000 once completed/more if converted to flats.
– The previous owner agreed to serve notice, so I could purchase the freehold without waiting the 2 years.
-The Solicitor did not send the notice off in time and as a result, lost this right and there was a large ground rent increase also.
– The 2-year period passed, at which point there was talk about leasehold reform, abolishing marriage value etc, so I have waited another 2 years (4 years in total) with the hope of this happening. I understand these things take time. If the marriage value is abolished, I believe the premium for the freehold would be a lot lower.
I’m not sure what the best course of action here is. General thoughts on the thoughts would be welcomed.
1) If the marriage value is abolished/enfranchisement is reformed, the premium could be a lot less. Waiting is risky. Potential upside/potential downside?
2) I’m thinking of looking into claiming against the solicitor for negligence – which might cover the 2 year period in which the premium increased.
3) Can anyone recommend a lease specialist who might be able to help?
Regards,
Dan
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Member Since January 2015 - Comments: 1435 - Articles: 1
11:38 AM, 31st January 2022, About 4 years ago
Personally I would contact the solicitor as they didn’t submit on time and ask what he would be able to do to resolve this without you having to seek help/redress from the SRA
Member Since July 2013 - Comments: 1996 - Articles: 21
5:43 PM, 31st January 2022, About 4 years ago
Reply to the comment left by Judith Wordsworth at 31/01/2022 – 11:38Judith
It is not a matter for the SRA as it is not a disciplinary matter. The solicitors will probably (indeed they should) advise Dan to seek independent advice. Given the sums involved the best thing is probably to notify the solicitors of a potential claim, acquire the lease extension and then look to claim when the loss is quantifiable. As things stand Dan doesn’t know how much to claim at the moment.
Member Since August 2016 - Comments: 508
8:41 AM, 5th February 2022, About 4 years ago
I am a retired solicitor with no personal property legal experience but plenty in the world of insurance and professional indemnity defence.
It’s not a matter for the SRA but the solicitor’s professional indemnity insurers if he is at fault.
You need proper professional advice from specialists in L&T matters and litigation. ODT Solicitors LLP of Brighton ought to fit your requirements. Look them up on the Law Society website.
Member Since April 2020 - Comments: 159 - Articles: 1
10:11 AM, 7th February 2022, About 4 years ago
I would suggest you have an initial discussion with Mark Chick at Bishop & Sewell > https://www.bishopandsewell.co.uk/solicitors/mark-chick/
He’s also a director of ALEP; the Association of Leasehold Enfranchisement Professionals > https://www.alep.org.uk/meet-the-team