Owning a apartment usually means owning a lease of the property, which has a set term of years. The lease will usually be granted for a prescribed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Attleborough. Inevitably, the term of lease remaining shortens as time goes by. This is often overlooked and only raises itself as an issue when the flat or house has to be disposed of or re-mortgaged. The fewer the years remaining the less it is worth and the more expensive it will be to procure a lease extension. Eligible leaseholders in Attleborough have the legal entitlement to extend the lease for a further ninety years in accordance with the 1993 Leasehold Reform Act. You should give careful attention before delaying your Attleborough lease extension. Holding off that expense now likely increases the price you will ultimately incur to extend your lease
Leasehold properties in Attleborough with more than 100 years unexpired 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 premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Coventry Building Society | |
| Skipton Building Society | |
| Virgin |
Retaining our service gives you better control over the value of your Attleborough leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Hunter was the the leasehold proprietor of a high value flat in Attleborough on the market with a lease of fraction over fifty eight years left. Hunter informally spoke with his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to 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 Hunter to exercise his statutory right. Hunter obtained expert advice and was able to make an informed decision and handle with the matter and ending up with a market value flat.
Mrs I Rodríguez moved into a purpose-built apartment in Attleborough in July 1996. The dilemma was if we could approximate the premium could be for a ninety year extension to my lease. Comparative residencies in Attleborough with an extended lease were valued around £173,800. The mid-range amount of ground rent was £65 billed monthly. The lease came to a finish on 11 June 2081. Given that there were 55 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 not including costs.
Last year we were contacted by Dr O Peterson , who took over the lease of a ground floor flat in Attleborough in September 2011. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Comparative homes in Attleborough with an extended lease were in the region of £235,200. The average ground rent payable was £45 invoiced monthly. The lease expired on 7 June 2092. Considering the 66 years outstanding we calculated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of expenses.