Flitwick leases on domestic deteriorating in value. if your lease has in the region of 90 years remaining, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you start incurring an additional element called marriage value. Flat owners in Flitwick will usually qualify for a lease extension; however a solicitor will confirm your eligibility. In some situations you may not qualify. There are prescribed timetables and steps to follow once the process has commenced so it’s wise to be guided by a conveyancer during the process.
Leasehold residencies in Flitwick with more than one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. 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 |
|---|---|
| Birmingham Midshires | |
| Halifax | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Skipton Building Society |
The conveyancing solicitors that we work with procure Flitwick 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.
Subsequent to protracted negotiations with the freeholder of her purpose-built apartment in Flitwick, Niamh started the lease extension process as the eighty year mark was fast nearing. The legal work was concluded in August 2006. The landlord’s costs were kept to an absolute minimum.
Last Summer we were phoned by Mr and Mrs. A Richardson , who was assigned a lease of a ground floor flat in Flitwick in February 2000. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by an additional years. Comparable flats in Flitwick with a long lease were worth £275,000. The average amount of ground rent was £65 invoiced yearly. The lease ran out in 2094. Given that there were 68 years left we estimated the premium to the landlord for the lease extension to be between £12,400 and £14,200 plus fees.
Last Winter we were phoned by Ms K Stewart , who acquired a one bedroom apartment in Flitwick in October 2001. The question was if we could estimate the compensation to the landlord could be for a 90 year lease extension. Comparative flats in Flitwick with an extended lease were valued around £208,600. The mid-range ground rent payable was £60 collected monthly. The lease terminated on 27 March 2083. Having 57 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £30,400 and £35,200 plus legals.