On the balance of probabilities if you own a flat in Ashtead you actually own a long leasehold interest over your property
It is generally considered that a property with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Chelsea Building Society | |
| Halifax | |
| Leeds Building Society | |
| The Mortgage Works |
Irrespective of whether you are a tenant or a landlord in Ashtead,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Ashtead valuers.
Alex owned a studio apartment in Ashtead being sold with a lease of a little over sixty years outstanding. Alex on an informal basis contacted his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Alex to invoke his statutory right. Alex procured expert legal guidance and was able to make a more informed decision and handle with the matter and sell the property.
Last month we were e-mailed by Dr Reuben Alexander , who bought a basement apartment in Ashtead in May 1995. The dilemma was if we could shed any light on how much (approximately) price would be for a 90 year extension to my lease. Comparable residencies in Ashtead with a long lease were valued around £233,200. The average amount of ground rent was £60 collected yearly. The lease concluded in 2087. Having 61 years left we estimated the premium to the landlord to extend the lease to be within £22,800 and £26,400 plus expenses.
An example of a Lease Extension matter before the tribunal for a Ashtead premises is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case affected 1 flat. The remaining number of years on the lease was 60.43 years.