10:27 AM, 31st January 2022, About 2 years ago 4
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?