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 witnessed longer and shorter terms in Burton Joyce. Clearly, the period of lease remaining reduces as time goes by. This may slip by relatively unnoticed when the property has to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to obtain a lease extension. Eligible long lease owners in Burton Joyce have the right to extend the lease for a further 90 years in accordance with Leasehold Reform legislation. You should give due consideration before delaying your Burton Joyce lease extension. Holding off the cost now likely increases the price you will ultimately have to pay for a lease extension
Leasehold premises in Burton Joyce with over one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| Royal Bank of Scotland |
The conveyancing solicitors that we work with undertake Burton Joyce lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
14 months ago Elijah, came very near to the 80-year mark with the lease on his one bedroom apartment in Burton Joyce. Having bought his home two decades ago, the length of the lease was of minimal importance. Thankfully, he recognised he would imminently be paying an inflated amount for a lease extension. Elijah extended the lease just ahead of time last September. Elijah and the landlord ultimately agreed on a premium of £5,500 . If the lease had dipped to less than 80 years, the premium would have escalated by a minimum £1,075.
Last Christmas we were contacted by Mr and Mrs. E Adams , who bought a basement flat in Burton Joyce in November 2010. The question was if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Comparable homes in Burton Joyce with a long lease were in the region of £248,000. The mid-range amount of ground rent was £65 collected monthly. The lease elapsed on 9 May 2089. Given that there were 63 years unexpired we estimated the premium to the landlord for the lease extension to be within £20,900 and £24,200 plus costs.
Mr M Laurent purchased a studio apartment in Burton Joyce in February 1998. We are asked if we could estimate the premium would be for a 90 year lease extension. Identical residencies in Burton Joyce with 100 year plus lease were worth £181,600. The mid-range ground rent payable was £55 billed per annum. The lease ran out in 2078. Considering the 52 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 plus expenses.