Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will usually be granted for a prescribed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Burton Latimer. Inevitably, the length of lease remaining shortens over time. This is often ignored and only becomes a problem when the flat or house has to be disposed of or refinanced. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease. Eligible leaseholders in Burton Latimer have the legal entitlement to extend the lease for a further ninety years in accordance with Leasehold Reform legislation. Do give due attention before putting off your Burton Latimer lease extension. Putting off that expense now likely increases the price you will eventually incur for a lease extension
Leasehold residencies in Burton Latimer with over one hundred 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 circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Chelsea Building Society | |
| TSB | |
| Yorkshire Building Society |
Using our service gives you enhanced control over the value of your Burton Latimer leasehold, as your property will be more valuable and saleable in respect 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.
During the course of the last few months Milo, came very close to the eighty-year threshold with the lease on his first floor flat in Burton Latimer. Having bought his property twenty years ago, the length of the lease was of no significance. Fortunately, it dawned on him that he would soon be paying way over the odds for a lease extension. Milo arranged for a lease extension just in the nick of time in July. Milo and the landlord who owned the flat above eventually agreed on sum of £5,000 . If the lease had slipped below 80 years, the price would have gone up by at least £1,075.
In 2012 we were phoned by Dr Alexandra Anderson who, having owned a garden flat in Burton Latimer in April 1996. The dilemma was if we could approximate the price could be for a ninety year lease extension. Comparative premises in Burton Latimer with a long lease were in the region of £261,600. The mid-range amount of ground rent was £60 billed monthly. The lease elapsed on 2 June 2078. Given that there were 52 years unexpired we approximated the premium to the freeholder for the lease extension to be within £39,000 and £45,000 exclusive of fees.
Dr L Jones owned a ground floor apartment in Burton Latimer in June 2011. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year lease extension. Identical flats in Burton Latimer with an extended lease were worth £218,000. The mid-range ground rent payable was £45 collected per annum. The lease ended on 26 August 2089. Given that there were 63 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £17,100 and £19,800 exclusive of costs.