On the balance of probabilities if you own a flat in Benfleet you actually own a long leasehold interest over your property
It is conventional wisdom that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Leeds Building Society | |
| Skipton Building Society | |
| Royal Bank of Scotland | |
| Virgin |
The conveyancers that we work with undertake Benfleet lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
Half a year ago Ollie, started to get close to the eighty-year mark with the lease on his basement flat in Benfleet. Having purchased his property twenty years ago, the lease term was of no bearing. by good luck, he recognised he needed to take action soon on a lease extension. Ollie arranged for a lease extension just ahead of time last January. Ollie and the landlord in the end agreed on a premium of £5,000 . If he failed to meet the deadline, the sum would have become more exhorbitant by a minimum £1,150.
Last Winter we were contacted by Mr and Mrs. J Smith , who acquired a purpose-built apartment in Benfleet in November 2001. We are asked if we could shed any light on how much (approximately) price would likely be to extend the lease by 90 years. Comparative homes in Benfleet with a long lease were in the region of £265,000. The average amount of ground rent was £50 billed every twelve months. The lease expired in 2099. Having 73 years remaining we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including legals.
In 2011 we were contacted by Dr Danielle Ricardo who, having completed a basement apartment in Benfleet in October 1998. The question was if we could approximate the price would likely be for a 90 year lease extension. Identical residencies in Benfleet with a long lease were valued about £264,000. The mid-range amount of ground rent was £60 invoiced annually. The lease came to a finish in 2079. Having 53 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £37,100 and £42,800 exclusive of fees.