On the balance of probabilities where you own a flat in Burnley you actually own a long leasehold interest over your property
Leasehold premises in Burnley with more than one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| National Westminster Bank | |
| Santander | |
| The Mortgage Works |
Using our service gives you better control over the value of your Burnley leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Lucas was the the leasehold owner of a high value apartment in Burnley on the market with a lease of just over 61 years outstanding. Lucas on an informal basis contacted his freeholder a well known London-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £100 annually. No ground rent would be due on a lease extension were Lucas to exercise his statutory right. Lucas obtained expert legal guidance and secured an acceptable resolution without going to tribunal and readily saleable.
Last Summer we were approach by Mr and Mrs. U Moore , who acquired a basement flat in Burnley in April 2012. We are asked if we could estimate the price would likely be to extend the lease by an additional years. Comparative premises in Burnley with 100 year plus lease were valued around £176,200. The average ground rent payable was £65 billed monthly. The lease finished in 2082. Given that there were 56 years left we estimated the premium to the freeholder for the lease extension to be within £29,500 and £34,000 not including costs.
Mr and Mrs. G Roux acquired a first floor flat in Burnley in August 1996. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year extension to my lease. Similar properties in Burnley with 100 year plus lease were valued about £242,600. The mid-range amount of ground rent was £45 billed monthly. The lease terminated in 2093. Having 67 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £11,400 and £13,200 plus legals.