The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Barlaston have the legal entitlement to extend the lease for an additional ninety years under statute. Please think carefully before delaying your Barlaston lease extension. Shelving that expense now simply increases the amount you will ultimately have to pay to extend the lease.
Leasehold properties in Barlaston with in excess of one hundred years left on the lease are sometimes regarded as a ‘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 to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Coventry Building Society | |
| National Westminster Bank | |
| Santander | |
| Skipton Building Society |
Irrespective of whether you are a tenant or a landlord in Barlaston,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 in-depth market knowledge and the close ties they enjoy with Barlaston valuers.
In the wake of 9 months of protracted negotiations with the freeholder of her purpose-built apartment in Barlaston, Natasha initiated the lease extension process as the 80 year deadline was fast advancing. The lease extension was concluded in September 2009. The landlord’s charges were restricted to slightly above 600 GBP.
Mr Y Kelly was assigned a lease of a one bedroom apartment in Barlaston in February 2002. The question was if we could shed any light on how much (roughly) premium would likely be to prolong the lease by a further 90 years. Identical residencies in Barlaston with a long lease were valued about £171,800. The average amount of ground rent was £55 invoiced yearly. The lease expired on 23 March 2076. Taking into account 50 years unexpired we estimated the premium to the landlord to extend the lease to be within £33,300 and £38,400 plus professional charges.
Last Christmas we were called by Mr and Mrs. N Simon , who took over the lease of a purpose-built flat in Barlaston in March 2008. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Identical residencies in Barlaston with an extended lease were worth £280,000. The mid-range amount of ground rent was £45 billed every twelve months. The lease terminated on 1 October 2096. Given that there were 70 years unexpired we approximated the premium to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of expenses.