Chances are that where you own a flat in Okehampton you actually own a long leasehold interest over your property
Leasehold premises in Okehampton with in excess of 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Godiva Mortgages | |
| Halifax | |
| Santander | |
| Yorkshire Building Society |
Lease extensions in Okehampton can be a difficult process. We recommend you procure professional help from a conveyancing solicitor 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 in-depth market knowledge dealing with Okehampton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Michael was the the leasehold proprietor of a 2 bedroom flat in Okehampton on the market with a lease of fraction over 61 years unexpired. Michael informally contacted his freeholder being a well known Manchester-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Michael to exercise his statutory right. Michael obtained expert legal guidance and secured an acceptable resolution informally and sell the property.
In 2010 we were e-mailed by Mr and Mrs. P García who, having was assigned a lease of a garden apartment in Okehampton in March 2002. We are asked if we could approximate the price could be for a 90 year extension to my lease. Identical homes in Okehampton with a long lease were worth £270,000. The mid-range amount of ground rent was £55 billed quarterly. The lease concluded in 2100. Having 74 years left we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including expenses.
In 2014 we were phoned by Mrs Georgia Collins who, having bought a one bedroom flat in Okehampton in May 1996. The question was if we could approximate the premium could be to extend the lease by ninety years. Comparative flats in Okehampton with 100 year plus lease were in the region of £166,400. The mid-range amount of ground rent was £60 invoiced quarterly. The lease ran out in 2080. Given that there were 54 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £32,300 and £37,400 exclusive of expenses.