Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will ordinarily be granted for a fixed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Askam In Furness. Inevitably, the term of lease left reduces over time. This may slip by relatively unnoticed when the flat or house needs to be disposed of or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to obtain a lease extension. Qualifying long lease owners in Askam In Furness have the right to extend the lease for a further 90 years under the 1993 Leasehold Reform Act. Do give careful consideration before delaying your Askam In Furness lease extension. Putting off the cost now only increases the price you will eventually incur for a lease extension
It is generally accepted that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Nationwide Building Society | |
| Skipton Building Society | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Engaging our service gives you better control over the value of your Askam In Furness leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
In recent months Edward, started to get close to the 80-year threshold with the lease on his two bedroom apartment in Askam In Furness. In buying his flat twenty years previously, the lease term was of no concern. As luck would have it, he became aware that he would imminently be paying an escalated premium for Extending the lease. Edward was able to extend his lease just ahead of time in March. Edward and the freeholder via the management company ultimately agreed on sum of £6,000 . If he failed to meet the deadline, the figure would have increased by a minimum £900.
Last Christmas we were phoned by Mr and Mrs. Y Smith , who acquired a one bedroom apartment in Askam In Furness in November 1995. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by ninety years. Identical properties in Askam In Furness with an extended lease were valued about £250,400. The average ground rent payable was £65 collected every twelve months. The lease terminated in 2090. Considering the 64 years outstanding we calculated the premium to the landlord for the lease extension to be between £19,000 and £22,000 plus expenses.
Mr Charlie Morel purchased a purpose-built apartment in Askam In Furness in June 2003. We are asked if we could shed any light on how much (approximately) price would be to prolong the lease by 90 years. Similar homes in Askam In Furness with 100 year plus lease were worth £189,000. The mid-range ground rent payable was £55 billed yearly. The lease ran out on 22 March 2079. Taking into account 53 years left we approximated the compensation to the freeholder to extend the lease to be between £28,500 and £33,000 plus fees.