It’s a harsh certainty that a Shirehampton residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the first few years due to the loss of value being disguised by increases in the Shirehampton property market.Where your lease has approximately ninety years left, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls under 80 years - otherwise a higher amount will be payable. The majority of leasehold owners in Shirehampton will be able to extend under the legislation; however a lawyer should be able to clarify if you are eligibility. In some situations you may not qualify. There are also strict timeframes and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancing solicitor from beginning to end of the process.
Leasehold residencies in Shirehampton with more than one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Chelsea Building Society | |
| Santander | |
| Skipton Building Society | |
| Virgin |
Lease extensions in Shirehampton can be a difficult process. We recommend you obtain 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 in-depth market knowledge procuring Shirehampton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Lucas was the the leasehold proprietor of a studio flat in Shirehampton on the market with a lease of fraction over 61 years outstanding. Lucas on an informal basis contacted his landlord being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £125 yearly. No ground rent would be payable on a lease extension were Lucas to exercise his statutory right. Lucas procured expert legal guidance and was able to make a more informed decision and deal with the matter and readily saleable.
In 2009 we were contacted by Dr Jackson García who, having completed a purpose-built apartment in Shirehampton in April 2005. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by 90 years. Similar residencies in Shirehampton with a long lease were in the region of £246,800. The mid-range ground rent payable was £60 invoiced quarterly. The lease elapsed in 2076. Having 50 years left we approximated the premium to the landlord for the lease extension to be within £44,700 and £51,600 plus costs.
Last year we were e-mailed by Ms Isabella Thomas , who moved into a basement apartment in Shirehampton in October 1996. The dilemma was if we could approximate the premium would likely be for a 90 year extension to my lease. Comparable flats in Shirehampton with a long lease were valued around £208,200. The average amount of ground rent was £65 billed every twelve months. The lease ran out in 2087. Having 61 years unexpired we estimated the premium to the landlord to extend the lease to be within £20,000 and £23,000 not including expenses.