Owning a apartment usually means owning a lease of the property, which has a set term of years. This lease will ordinarily be granted for a set period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Sale. Inevitably, the period of lease remaining reduces as time goes by. This is often overlooked and only raises itself as an issue when the flat or house has to be sold 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 leaseholders in Sale have the legal entitlement to extend the lease for a further 90 years in accordance with Leasehold Reform legislation. Please give careful consideration before putting off your Sale lease extension. Holding off the cost now simply increases the price you will eventually incur for a lease extension
Leasehold premises in Sale with more than 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| The Mortgage Works | |
| Yorkshire Building Society |
Lease extensions in Sale can be a difficult process. We recommend you get guidance from a conveyancer 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 Sale lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Benjamin owned a high value apartment in Sale being sold with a lease of just over fifty eight years unexpired. Benjamin informally approached his landlord a well known Bristol-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 annually. No ground rent would be due on a lease extension were Benjamin to invoke his statutory right. Benjamin procured expert legal guidance and was able to make a more informed decision and deal with the matter and sell the flat.
In 2011 we were called by Mrs N David who, having moved into a garden apartment in Sale in March 2005. We are asked if we could estimate the premium could be to extend the lease by 90 years. Comparable homes in Sale with a long lease were in the region of £264,000. The mid-range amount of ground rent was £60 collected monthly. The lease came to a finish in 2079. Having 53 years as a residual term we estimated the premium to the landlord to extend the lease to be between £37,100 and £42,800 not including professional charges.
Mr and Mrs. P Ricardo completed a one bedroom apartment in Sale in October 2007. We are asked if we could estimate the premium would likely be for a 90 year extension to my lease. Comparative flats in Sale with an extended lease were in the region of £225,400. The mid-range ground rent payable was £45 invoiced monthly. The lease ended in 2090. Having 64 years outstanding we estimated the compensation to the landlord for the lease extension to be between £16,200 and £18,600 plus fees.