On the balance of probabilities where you own a flat in Urmston you actually own a long leasehold interest over your property
It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Halifax | |
| Skipton Building Society |
Regardless of whether you are a tenant or a freeholder in Urmston,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Urmston valuers.
Ibrahim owned a 2 bedroom apartment in Urmston on the market with a lease of fraction over 59 years unexpired. Ibrahim on an informal basis contacted his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 annually. No ground rent would be due on a lease extension were Ibrahim to invoke his statutory right. Ibrahim procured expert advice and secured satisfactory resolution without going to tribunal and sell the property.
Last Christmas we were e-mailed by Mr and Mrs. A Nguyen , who acquired a ground floor apartment in Urmston in October 1999. We are asked if we could shed any light on how much (approximately) price would be for a 90 year lease extension. Comparative flats in Urmston with a long lease were in the region of £240,600. The mid-range ground rent payable was £60 billed yearly. The lease expired on 7 March 2088. Given that there were 62 years left we estimated the premium to the freeholder to extend the lease to be between £21,900 and £25,200 not including expenses.
In 2011 we were e-mailed by Ms Jennifer Gunderson who, having purchased a purpose-built flat in Urmston in January 2010. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Comparable flats in Urmston with an extended lease were valued around £174,200. The mid-range amount of ground rent was £55 billed monthly. The lease terminated on 22 March 2077. Considering the 51 years outstanding we approximated the premium to the landlord for the lease extension to be within £31,400 and £36,200 plus professional charges.