Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will ordinarily be granted for a fixed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Caversham. Inevitably, the term of lease remaining reduces as time goes by. This is often ignored and only becomes a problem when the residence has to be disposed of or refinanced. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Eligible leaseholders in Caversham have the legal entitlement to extend the lease for an additional 90 years under the 1993 Leasehold Reform Act. Please give due attention before putting off your Caversham lease extension. Holding off the cost now simply increases the price you will ultimately incur for a lease extension
It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| Halifax | |
| Virgin | |
| Yorkshire Building Society |
Lease extensions in Caversham can be a difficult process. We recommend you procure professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Caversham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Noah, started to get close to the eighty-year mark with the lease on his basement apartment in Caversham. Having purchased his property twenty years ago, the unexpired term was of no bearing. Luckily, it dawned on him that he needed to take action soon on a lease extension. Noah extended the lease just under the wire last July. Noah and the freeholder ultimately settled on sum of £6,000 . If he had missed the deadline, the amount would have escalated by at least £1,000.
Dr Dylan Roberts took over the lease of a purpose-built flat in Caversham in May 2000. We are asked if we could estimate the price would likely be to prolong the lease by 90 years. Comparable premises in Caversham with a long lease were worth £242,600. The mid-range amount of ground rent was £45 invoiced every twelve months. The lease elapsed in 2093. Having 67 years left we estimated the compensation to the landlord for the lease extension to be between £11,400 and £13,200 not including expenses.
Mr and Mrs. A Brown bought a one bedroom flat in Caversham in April 2000. We are asked if we could shed any light on how much (approximately) price would likely be to extend the lease by ninety years. Comparative homes in Caversham with 100 year plus lease were valued about £280,000. The average ground rent payable was £55 collected quarterly. The lease came to a finish in 2104. Given that there were 78 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 plus legals.