It’s an underpublicised truth that a Anlaby residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the first few years due to the loss of value being disguised by increases in the Anlaby property prices.Where your lease has approximately 90 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 slips below eighty years - otherwise a higher premium will be payable. Most flat owners in Anlaby will be able to extend under the legislation; however a conveyancing solicitor will be able to confirm whether you qualify for an extension. In some situations you may not qualify. There are also strict timetables and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancer for the duration of the process.
Leasehold properties in Anlaby with in excess of 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Leeds Building Society | |
| TSB | |
| Yorkshire Building Society |
The conveyancers that we work with procure Anlaby lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
16 months ago Adam, started to get near to the eighty-year mark with the lease on his purpose- built apartment in Anlaby. Having purchased his property twenty years ago, the length of the lease was of minimal bearing. Fortunately, he realised he would soon be paying an inflated amount for Extending the lease. Adam was able to extend his lease just under the wire last May. Adam and the landlord ultimately agreed on sum of £5,000 . If the lease had dipped lower than eighty years, the amount would have become more costly by a minimum £1,075.
Last Summer we were phoned by Mr and Mrs. U Baker , who was assigned a lease of a basement apartment in Anlaby in October 2004. The dilemma was if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Identical premises in Anlaby with an extended lease were worth £205,000. The mid-range amount of ground rent was £50 billed quarterly. The lease ran out on 23 May 2104. Given that there were 78 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 not including costs.
In 2012 we were contacted by Dr Georgina Davies who, having moved into a one bedroom apartment in Anlaby in July 1999. The dilemma was if we could estimate the price could be to extend the lease by an additional years. Comparative properties in Anlaby with 100 year plus lease were in the region of £267,600. The average ground rent payable was £65 invoiced per annum. The lease terminated on 28 March 2093. Taking into account 67 years left we estimated the compensation to the landlord to extend the lease to be between £14,300 and £16,400 plus expenses.