The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Preston Park may extend the lease for a further ninety years under statute. Please give careful consideration before delaying your Preston Park lease extension. Putting off that expense today simply increases the premium you will eventually have to pay for a lease extension.
Leasehold properties in Preston Park with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Coventry Building Society | |
| Leeds Building Society | |
| Royal Bank of Scotland |
Lease extensions in Preston Park can be a difficult process. We recommend you get guidance from a lawyer and valuer with experience in lease extensions.
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 Preston Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October George, came seriously near to the eighty-year threshold with the lease on his garden apartment in Preston Park. Having purchased his flat twenty years previously, the length of the lease was of little significance. Thankfully, he became aware that he would soon be paying way over the odds for a lease extension. George was able to extend his lease at the eleventh hour last May. George and the freeholder ultimately settled on an amount of £5,500 . If the lease had slipped to less than 80 years, the sum would have gone up by a minimum £950.
Dr O Nguyen purchased a ground floor flat in Preston Park in June 2002. The question was if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Similar flats in Preston Park with a long lease were worth £210,600. The average amount of ground rent was £45 collected yearly. The lease finished in 2088. Taking into account 62 years remaining we calculated the premium to the freeholder to extend the lease to be within £18,100 and £20,800 plus fees.
In 2009 we were e-mailed by Dr A Thomas who, having took over the lease of a one bedroom flat in Preston Park in September 2009. We are asked if we could approximate the premium would be to prolong the lease by a further 90 years. Comparative flats in Preston Park with an extended lease were worth £265,000. The average amount of ground rent was £50 billed annually. The lease came to a finish in 2099. Taking into account 73 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including professional charges.