The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Egremont may extend the lease for a further ninety years in accordance with legislation. Please think carefully before delaying your Egremont lease extension. Shelving that expense today simply increases the price you will ultimately be required to pay for a lease extension.
Leasehold properties in Egremont with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Leeds Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Royal Bank of Scotland |
Engaging our service will provide you better control over the value of your Egremont leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Kai owned a conversion apartment in Egremont on the market with a lease of a few days over sixty years unexpired. Kai on an informal basis approached his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £150 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Kai to invoke his statutory right. Kai procured expert advice and was able to make a more informed judgement and handle with the matter and sell the flat.
Dr Harry Edwards completed a basement flat in Egremont in September 2003. The dilemma was if we could estimate the price could be to prolong the lease by 90 years. Identical homes in Egremont with a long lease were worth £285,000. The mid-range amount of ground rent was £45 billed monthly. The lease expired in 2098. Given that there were 72 years unexpired we calculated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 not including professional charges.
Last November we were phoned by Mr and Mrs. V Wright , who bought a ground floor flat in Egremont in October 2003. The dilemma was if we could shed any light on how much (approximately) premium could be to prolong the lease by an additional years. Similar residencies in Egremont with a long lease were valued around £233,200. The mid-range amount of ground rent was £60 invoiced quarterly. The lease terminated on 14 September 2087. Given that there were 61 years remaining we calculated the premium to the freeholder for the lease extension to be within £22,800 and £26,400 plus professional charges.