For anyone whose Broughton In Furness property is held on a long lease, the message is clear – if you do nothing, your property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease.
Leasehold residencies in Broughton In Furness with in excess of 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value 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 warrant it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Halifax | |
| The Mortgage Works | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Lease extensions in Broughton In Furness can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Broughton In Furness lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 6 months of lengthy negotiations with the freeholder of her studio apartment in Broughton In Furness, Gemma initiated the lease extension process just as her lease was approaching the crucial eighty-year threshold. The legal work was finalised in October 2011. The landlord’s fees were negotiated to below six hundred pounds.
Last Summer we were called by Dr M David , who completed a studio flat in Broughton In Furness in September 2003. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by ninety years. Comparative flats in Broughton In Furness with 100 year plus lease were worth £250,400. The mid-range ground rent payable was £65 billed monthly. The lease lapsed on 27 July 2090. Having 64 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £19,000 and £22,000 not including fees.
Last June we were e-mailed by Dr Alisha Jones , who owned a basement apartment in Broughton In Furness in February 2000. We are asked if we could shed any light on how much (roughly) premium could be for a ninety year extension to my lease. Comparable residencies in Broughton In Furness with 100 year plus lease were worth £184,000. The average ground rent payable was £55 invoiced quarterly. The lease lapsed in 2079. Taking into account 53 years remaining we calculated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 exclusive of professional charges.