LBB are moving from 42 Store Street after 9 years and relocating on 12th March 2010 to:
St Bartholomew House
90-94 Fleet Street,
London
EC4Y 1DG
Tel: 0207 822 8850
Fax:0207 822 8851
 NEW OFFICES NEW FUTUREMarch 11th, 2010Managing Your Property Expenses in an Economic DownturnMarch 9th, 2010
Exercise any break clause Re-negotiate lease terms Look carefully at your service charge Ask for the building insurance to be re-quoted Avoid duplicating expenditure Make the most of your space Look for Potential Expansion Opportunities And don’t forget dilapidations Have you been tested?March 5th, 2010Case Study For Managing Agents by John Byers. We are currently preparing a complex refurbishment scheme for the common parts of a lovely Georgian building in London. Until recently the building had not been managed properly and no records were available for asbestos surveys, electrical test certificates and health and safety risk assessments. This presents a real difficultly when preparing a specification as it is not possible to be sure of the exact extent of work that may be required to the building. Unfortunately such tests often appear an unnecessary waste of resources but they are essential if works are to be specified correctly. In the absence of such information there is no option but to allow large provisional sums in respect of the works that can have the effect of inflating the cost of works unnecessarily, disadvantaging the tenants.
Dilapidations and break clausesMarch 5th, 2010Case Study : For Solicitors / Property Owners / Commercial Tenants We were approached by clients with a commercial property in Surrey and asked to give them advice in respect of a dilapidation claim made by their Landlord. We carried out an appraisal evaluating the Landlord’s claim (made in the region of £200,000) and advised that a settlement might be achieved at a figure in the region of £135,000. However upon reviewing the lease terms we realised that the Landlord’s claim had arisen because our client (without advising us) had triggered a break clause. The terms of the break clause required full compliance with the lease meaning that if the slightest defect could be found the Landlord may be able to reject their break clause notice. The effect of this would be to force our client to continue the lease for a further five years at the cost of a many hundreds of thousands of pounds. Working with the Landlord’s solicitor we were ultimately able to negotiate a settlement with the Landlord at around £120,000 including a release from any further claim that may arise. Possibly a lucky escape for our clients! Is now the time to extend your lease?March 5th, 2010For residential Leaseholder by Justin Bennett. The Land Registry and the major mortgage lending institutions have recently announced the seventh monthly increase in house prices. Fixed price mortgage interest rates have also declined. In contrast, Barclays Bank has suggested that interest rates will rise to 6.5% by 2015. The other banks are seemingly supporting this view, albeit not necessarily to the same level nor with the same pattern to the predicted rises in base rate. With this in mind it is more necessary for leaseholders to consider the cost of extending their leases (by 90 years) or enfranchising (buying their freeholds) whilst mortgage rates are low and values have not risen excessively. There is the further potential benefit to be gained from a recent Lands Tribunal decision on flats in Kelton Court, Edgbaston [LRA/97/2008]. This decision, in contrast to the then well publicised Sportelli cases in prime central London (2006-2008), offers hope for leaseholders of lower premiums in the future. Proper professional advice is needed in what is a complex matter and you should speak to either a surveyor or solicitor. Further helpful information can be found at http://www.leaseholdenfranchisement.co.uk/ and http://www.lease-externsion.com. Why spend more than you have to?March 5th, 2010Take professional advice on your building insurance to ensure you get the best value by John Byers. Everybody is looking for an opportunity to save costs in these difficult times and when considering expensive items such as building insurance you would want to be sure that you are paying for the right amount of cover. Obviously if a property is under insured there are serious repercussions if a claim arises, but nobody wants to pay for insurance cover that is not required. We frequently carry out building reinstatement valuations (fire insurance valuations) for property owners and find that the sums insured are often incorrect. For example on a recent portfolio valuation for residential clients almost 10% of the properties were over insured by at least 20%. Getting the correct sum insured not only ensures you are properly protected but can also save unnecessary expense. Who can say where it’s going next?March 5th, 2010A comment on funding issues in the residential market by Selwyn Langley. There has been much press speculation on the state of the Buy To Let Market. Under present conditions there are a small number of providers only for To the seasoned Buy To Let investor there has however been an unusual fillip Those who were brave enough to purchase in the early part of last year are Some lenders have tried to be innovative when fixed rate deals have ended LBB announce the launch of www.lease-extension.com in conjunction with the office moveMarch 5th, 2010The Leasehold Reform Surveyors at Langley Byers Bennett have published and sponsored a new web site allowing you to calculate and ballpark a lease extension premium. The site is intended to be a useful guide as to why this form of statutory valuation is complex and not for the unqualified. The site offers an immediate answer and then guides you through the changes that a qualified surveyor will make to ensure the correct answer is received. Questions can be posted to the site and members of the LBB Valuation team respond, with advice on this complex subject. The site can be found at http://www.lease-extension.com/ Langley Byers Bennett Announce the Launch of www.residential-surveys.comFebruary 25th, 2010The Building Surveyors at Langley Byers Bennett have recently sponsored a new web site dealing with frequently asked questions regarding residential building (structural) surveys. The site is intended to be a resource for home buyers looking for answers about surveys with a number of frequently asked questions regarding all types of Residential Surveys including Building Surveys, Home Buyers Reports and Residential Valuations. Questions can be posted to the site and members of the LBB Building Surveying team respond, with down to earth advice on this complex subject. The site can be found at http://www.residential-surveys.com/ or on Twitter @survey_advice Is Now the Time to Extend Your Lease?February 25th, 2010Some thoughts on the current residential market by Justin Bennett. Director of Langley Byers Bennett and Leasehold Enfranchisement specialist. The Land Registry and the major mortgage lending institutions have recently announced the seventh monthly increase in house prices. Fixed price mortgage interest rates have also declined. In contrast, Barclays Bank has suggested that interest rates will rise to 6.5% by 2015. The other banks are seemingly supporting this view, albeit not necessarily to the same level nor with the same pattern to the predicted rises in base rate. With this in mind it is more necessary for leaseholders to consider the cost of extending their leases (by 90 years) or enfranchising (buying their freeholds) whilst mortgage rates are low and values have not risen excessively. There is the further potential benefit to be gained from a recent Lands Tribunal decision on flats in Kelton Court, Edgbaston [LRA/97/2008]. This decision, in contrast to the then well publicised Sportelli cases in prime central London (2006-2008), offers hope for leaseholders of lower premiums in the future. Proper professional advice is needed in what is a complex matter and you should speak to either a surveyor or solicitor. Further helpful information can be found at http://www.leaseholdenfranchisement.co.uk/ and http://lease-extension.com/ 
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