Owning a apartment usually means owning a lease of the property, which has a set term of years. your lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Parkstone. Clearly, the term of lease left reduces as time goes by. This is often overlooked and only becomes a problem when the flat or house has 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. Eligible long lease owners in Parkstone have the right to extend the lease for an additional ninety years in accordance with the 1993 Leasehold Reform Act. Please give due consideration before putting off your Parkstone lease extension. Putting off that expense now simply increases the price you will eventually have to pay for a lease extension
It is generally considered that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an further 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 | |
| Barclays plc | |
| Leeds Building Society | |
| Santander | |
| Skipton Building Society |
Lease extensions in Parkstone can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer 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 procuring Parkstone lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to unsuccessful correspondence with the landlord of her basement flat in Parkstone, Amber commenced the lease extension process just as the lease was approaching the all-important 80-year deadline. The transaction was finalised in May 2011. The landlord’s costs were negotiated to approximately 600 pounds.
In 2011 we were called by Dr P Richardson who, having moved into a first floor flat in Parkstone in March 2010. The dilemma was if we could estimate the premium would be to prolong the lease by a further 90 years. Comparative premises in Parkstone with 100 year plus lease were worth £227,800. The average amount of ground rent was £45 billed every twelve months. The lease finished in 2091. Taking into account 65 years unexpired we approximated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 not including legals.
In 2010 we were e-mailed by Dr S Thomas who, having was assigned a lease of a basement flat in Parkstone in July 1998. The dilemma was if we could shed any light on how much (approximately) premium would be to extend the lease by 90 years. Identical properties in Parkstone with a long lease were valued about £275,000. The mid-range ground rent payable was £55 invoiced per annum. The lease came to a finish on 1 June 2102. Having 76 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus legals.