On the balance of probabilities if you own a flat in Acocks Green you actually own a long leasehold interest over your property
It is generally considered that a property with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a landlord in Acocks Green,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Acocks Green valuers.
Last year Ben, came dangerously close to the eighty-year threshold with the lease on his purpose- built flat in Acocks Green. Having bought his home two decades ago, the lease term was of little concern. Thankfully, he became aware that he would soon be paying an escalated premium for Extending the lease. Ben was able to extend his lease just under the wire in July. Ben and the landlord who owned the flat above subsequently agreed on an amount of £5,500 . If the lease had slipped below 80 years, the price would have increased by at least £1,075.
Last Autumn we were phoned by Dr I López , who acquired a one bedroom flat in Acocks Green in July 1999. The question was if we could estimate the premium could be for a 90 year extension to my lease. Comparable residencies in Acocks Green with an extended lease were valued about £280,000. The mid-range amount of ground rent was £55 invoiced monthly. The lease terminated in 2103. Taking into account 77 years unexpired we calculated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 plus fees.
Last Spring we were contacted by Mr and Mrs. F Cox , who was assigned a lease of a one bedroom flat in Acocks Green in November 1995. The dilemma was if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Identical flats in Acocks Green with a long lease were worth £183,600. The mid-range amount of ground rent was £65 collected every twelve months. The lease expired on 4 September 2083. Given that there were 57 years remaining we estimated the premium to the freeholder for the lease extension to be between £28,500 and £33,000 not including legals.