The value of Ackworth leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate substantially once the unexpired lease term is less than eighty years
It is generally accepted that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| National Westminster Bank | |
| Skipton Building Society | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Retaining our service will provide you enhanced control over the value of your Ackworth leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
David was the the leasehold owner of a high value apartment in Ackworth on the market with a lease of just over 59 years outstanding. David informally spoke with his freeholder being a well known London-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were David to exercise his statutory right. David obtained expert legal guidance and secured satisfactory deal without resorting to tribunal and readily saleable.
Last Autumn we were contacted by Mrs Jade Martin , who completed a one bedroom apartment in Ackworth in March 2009. The dilemma was if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Comparable properties in Ackworth with an extended lease were valued about £280,000. The mid-range ground rent payable was £55 billed yearly. The lease end date was on 28 October 2104. Having 78 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 not including fees.
In 2014 we were phoned by Dr David King who, having acquired a studio apartment in Ackworth in May 2008. We are asked if we could estimate the price would be to prolong the lease by 90 years. Comparative flats in Ackworth with an extended lease were valued around £191,000. The mid-range amount of ground rent was £65 invoiced quarterly. The lease lapsed in 2084. Taking into account 58 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £23,800 and £27,400 exclusive of costs.