Friday, December 18, 2015
More than 50% of leaseholders not aware of 80-year rule
Bolt Burdon KempÂ’s professional negligence team is committed to raising awareness of the traps that can befall property owners, often caused by solicitors giving negligent advice, which can seriously affect the value of their home. To bring attention to the particular dangers associated with leasehold property, we conducted a national survey with Onepoll of homeowners across England and Wales about the public’s awareness of the dangers of owning a lease. As soon as a lease drops below 80 years in length, it becomes progressively less valuable and significantly more costly to extend, due to a law commonly known as the “80 year rule". Bolt Burdon KempÂ’s survey has uncovered that more than half (56%) of people who currently own a lease do not know that the 80 year rule even exists.