The value of Appleton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate materialy once the remaining term is below than 80 years
Leasehold premises in Appleton with more than 100 years outstanding 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 property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| TSB | |
| The Mortgage Works |
Regardless of whether you are a tenant or a landlord in Appleton,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Appleton valuers.
After unsuccessful discussions with the landlord of her garden apartment in Appleton, Kelsey started the lease extension process just as her lease was approaching the all-important eighty-year mark. The lease extension was finalised in January 2011. The freeholder’s fees were kept to an absolute minimum.
In 2011 we were contacted by Mr and Mrs. J Campbell who, having bought a basement flat in Appleton in March 2007. The question was if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year extension to my lease. Identical residencies in Appleton with an extended lease were valued about £243,000. The average amount of ground rent was £65 billed monthly. The lease ended on 25 May 2089. Having 63 years remaining we estimated the premium to the freeholder to extend the lease to be between £20,000 and £23,000 exclusive of legals.
In 2009 we were e-mailed by Mrs Holly Gray who, having owned a one bedroom apartment in Appleton in April 1998. The dilemma was if we could shed any light on how much (roughly) price would be for a ninety year lease extension. Comparable residencies in Appleton with a long lease were in the region of £181,600. The mid-range ground rent payable was £55 billed per annum. The lease expired on 10 April 2078. Taking into account 52 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £30,400 and £35,200 exclusive of fees.