The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Anlaby may extend the lease for an additional ninety years under Leasehold Reform legislation. Please think carefully before delaying your Anlaby lease extension. Putting off the costs today simply increases the price you will ultimately be required to pay to extend the lease.
Leasehold premises in Anlaby with more than 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Halifax | |
| TSB | |
| Royal Bank of Scotland |
Lease extensions in Anlaby can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Anlaby lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jackson owned a 2 bedroom flat in Anlaby on the market with a lease of fraction over 61 years remaining. Jackson on an informal basis spoke with his landlord being a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £200 annually. Ordinarily, ground rent would not be payable on a lease extension were Jackson to exercise his statutory right. Jackson procured expert advice and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.
In 2011 we were approached by Mr M Pérez who, having completed a garden apartment in Anlaby in September 1996. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Identical homes in Anlaby with a long lease were worth £223,400. The average amount of ground rent was £60 billed every twelve months. The lease elapsed on 14 August 2085. Given that there were 59 years unexpired we estimated the compensation to the landlord for the lease extension to be within £27,600 and £31,800 plus professional charges.
Mrs R Murphy purchased a basement flat in Anlaby in September 1997. The dilemma was if we could estimate the price could be for a 90 year extension to my lease. Comparable properties in Anlaby with an extended lease were in the region of £205,000. The average ground rent payable was £50 billed yearly. The lease came to a finish in 2105. Having 79 years unexpired we estimated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of legals.