It’s an underpublicised certainty that a Anlaby residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Anlaby property prices.Once your lease nears 85ish years, you should 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 lower than 80 years - otherwise a higher amount will be due. The majority of leasehold owners in Anlaby will be able to extend under the legislation; however a conveyancer should be able to confirm whether you are eligibility. In some situations you may not be entitled. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your conveyancer throughout the process.
Leasehold premises in Anlaby with more than one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Coventry Building Society | |
| Leeds Building Society | |
| The Mortgage Works | |
| Virgin |
Regardless of whether you are a tenant or a freeholder in Anlaby,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 in-depth market knowledge and the close ties they enjoy with Anlaby valuers.
Jamie was the the leasehold proprietor of a studio flat in Anlaby being sold with a lease of a little over 61 years remaining. Jamie informally contacted his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent at the outset set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Jamie to exercise his statutory right. Jamie procured expert advice and secured satisfactory resolution without resorting to tribunal and ending up with a market value flat.
In 2012 we were contacted by Ms I Ward who, having acquired a studio flat in Anlaby in January 2004. The question was if we could approximate the premium would likely be for a ninety year extension to my lease. Identical homes in Anlaby with a long lease were worth £198,800. The mid-range ground rent payable was £55 invoiced monthly. The lease elapsed on 13 June 2081. Having 55 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £33,300 and £38,400 not including professional charges.
In 2011 we were called by Mr Nathaniel Cook who, having was assigned a lease of a one bedroom apartment in Anlaby in June 2009. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by an additional years. Identical properties in Anlaby with 100 year plus lease were valued around £300,000. The mid-range amount of ground rent was £50 billed per annum. The lease came to a finish on 26 June 2101. Considering the 75 years remaining we approximated the premium to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of professional charges.