A lot of the talk on the "fringe" of the 2008 LEASE (Leasehold Advisory Service) annual conference was about the well reported fall in property prices and the possible effect this would have on the price to be paid for buying freeholds and lease extensions.

Whilst no firm conclusions were drawn, the present consensus was to proceed with such transactions as the lease is a depreciating asset and the longer enfranchisement is delayed the more expensive the premium could be (despite the fall in property prices).

However, the tip should be to "keep an eye on the market" and, if necessary, update your valuation at about the time you are ready to serve your statutory notices in case things should change.

This conference was the first I'd attended which was addressed by the Government Minister responsible for LEASE.

Iain Wright MP not only bravely stated that he thought HIPs were working well (that's not what I keep hearing!) but also candidly admitted that he "hadn't got a clue" when a detailed question was posed over valuation issues arising from sections 9 and 9A of the Leasehold Reform Act 1967.

Although his predecessor as MP for Hartlepool was none other than Peter Mandelson, it seemed he was not able to spin his way out of that one!
STOP PRESS:

We are hosting a seminar on enfranchisement shortly. Watch this space for further details....