Repton leases on residential properties are gradually losing value. if your lease has about ninety years left, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for your lease extension to be in place before the term of the existing lease dips below 80 years - otherwise a higher premium will be due. Leasehold owners in Repton will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm if you qualify. In certain circumstances you may not be entitled. There are also strict deadlines and procedures to follow once the process is triggered so it’s best to be guided by a conveyancer during the process.
It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Repton can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor 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 dealing with Repton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Elijah owned a studio apartment in Repton on the market with a lease of just over fifty eight years unexpired. Elijah on an informal basis spoke with his landlord a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £200 per annum. No ground rent would be due on a lease extension were Elijah to exercise his statutory right. Elijah obtained expert legal guidance and secured satisfactory resolution without going to tribunal and readily saleable.
Last Christmas we were called by Mr and Mrs. Y Rivera , who bought a recently refurbished flat in Repton in September 1997. We are asked if we could estimate the price would be for a ninety year lease extension. Identical premises in Repton with 100 year plus lease were valued around £166,400. The average amount of ground rent was £60 billed per annum. The lease concluded on 22 July 2079. Considering the 54 years unexpired we approximated the compensation to the landlord to extend the lease to be between £32,300 and £37,400 exclusive of fees.
Last month we were approach by Dr Amelia Green , who was assigned a lease of a newly refurbished flat in Repton in September 1995. The question was if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Similar flats in Repton with an extended lease were valued around £227,800. The average amount of ground rent was £45 billed quarterly. The lease ran out in 2090. Given that there were 65 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of professional charges.