Chances are that where you own a flat in Princes Risborough you actually own a long leasehold interest over your property
It is generally considered that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Skipton Building Society | |
| Royal Bank of Scotland |
Lease extensions in Princes Risborough can be a difficult process. We recommend you get professional help from a lawyer 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 Princes Risborough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Summer Jamie, started to get close to the eighty-year threshold with the lease on his two bedroom apartment in Princes Risborough. In buying his flat twenty years previously, the lease term was of little relevance. by good luck, he became aware that he needed to take action soon on Extending the lease. Jamie arranged for a lease extension just in the nick of time last March. Jamie and the landlord who owned the flat above ultimately settled on a premium of £5,000 . If he not met the deadline, the sum would have escalated by at least £950.
In 2011 we were called by Dr I Nguyen who, having took over the lease of a basement flat in Princes Risborough in February 2005. We are asked if we could estimate the price could be to extend the lease by ninety years. Comparable residencies in Princes Risborough with 100 year plus lease were worth £260,000. The average amount of ground rent was £50 invoiced per annum. The lease ended on 17 November 2098. Given that there were 72 years outstanding we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus professional charges.
Dr Alfie Young moved into a first floor apartment in Princes Risborough in January 2005. The question was if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Comparative flats in Princes Risborough with an extended lease were in the region of £256,600. The average ground rent payable was £60 billed per annum. The lease termination date was on 25 October 2078. Taking into account 52 years left we calculated the premium to the freeholder for the lease extension to be between £41,800 and £48,400 plus expenses.