Owning a flat usually means owning a lease of the property, which has a set term of years. This lease will normally be granted for a prescribed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Prestwich. Inevitably, the length of lease remaining shortens over time. This may pass by relatively unnoticed when the residence has to be disposed of or re-mortgaged. The shorter the lease the lower the value of the property and the more it will cost to extend the lease. Eligible long lease owners in Prestwich have the legal entitlement to extend the lease for an additional ninety years in accordance with Leasehold Reform legislation. Do give careful consideration before putting off your Prestwich lease extension. Holding off that expense now likely increases the price you will ultimately have to pay for a lease extension
It is generally accepted that a residential leasehold with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Halifax | |
| Santander | |
| Skipton Building Society | |
| Yorkshire Building Society |
Lease extensions in Prestwich can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor with experience in this area.
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 dealing with Prestwich lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Felix was the the leasehold owner of a high value flat in Prestwich being marketed with a lease of fraction over 59 years outstanding. Felix on an informal basis spoke with his landlord being a well known local-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £50 per annum. No ground rent would be payable on a lease extension were Felix to invoke his statutory right. Felix procured expert legal guidance and was able to make an informed decision and handle with the matter and sell the property.
Dr Alisha García completed a first floor flat in Prestwich in February 2006. The question was if we could estimate the price could be to prolong the lease by ninety years. Comparable residencies in Prestwich with a long lease were worth £285,000. The mid-range amount of ground rent was £45 billed annually. The lease ended in 2098. Taking into account 72 years remaining we estimated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of costs.
Dr G André owned a studio apartment in Prestwich in September 2010. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Similar flats in Prestwich with an extended lease were valued around £233,200. The average ground rent payable was £60 collected monthly. The lease lapsed on 5 November 2087. Having 61 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £22,800 and £26,400 plus professional charges.