Owning a apartment usually means owning a lease of the property, which has a finite term of years. your lease will usually be granted for a prescribed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Flitwick. Inevitably, the term of lease left reduces over time. This may slip by relatively unnoticed when the residence needs to be sold or re-mortgaged. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Qualifying long lease owners in Flitwick have the right to extend the lease for a further ninety years under Leasehold Reform legislation. Do give careful attention before delaying your Flitwick lease extension. Putting off that expense now simply increases the price you will ultimately have to pay to extend your lease
It is generally considered that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Leeds Building Society | |
| TSB | |
| Virgin | |
| Yorkshire Building Society |
Lease extensions in Flitwick can be a difficult process. We recommend you obtain 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 procuring Flitwick lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Twenty four months ago Reuben, came very close to the eighty-year mark with the lease on his leasehold flat in Flitwick. In buying his flat two decades ago, the unexpired term was of no importance. by good luck, he realised he needed to take action soon on a lease extension. Reuben extended the lease at the eleventh hour last January. Reuben and the freeholder subsequently agreed on an amount of £6,000 . If the lease had fallen lower than 80 years, the sum would have increased by a minimum £1,100.
Mrs K Mason was assigned a lease of a garden flat in Flitwick in October 2001. The question was if we could estimate the price could be to prolong the lease by ninety years. Identical flats in Flitwick with 100 year plus lease were valued around £181,600. The average amount of ground rent was £55 collected quarterly. The lease lapsed on 6 February 2078. Considering the 52 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £30,400 and £35,200 not including legals.
Mrs D James acquired a basement flat in Flitwick in May 1998. The dilemma was if we could approximate the price would be to prolong the lease by 90 years. Comparable residencies in Flitwick with a long lease were valued around £290,000. The mid-range amount of ground rent was £45 invoiced every twelve months. The lease termination date was on 22 May 2098. Having 72 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £11,400 and £13,200 plus expenses.