On the balance of probabilities if you own a flat in Capel St Mary you actually own a long leasehold interest over your property
It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Barnsley Building Society | |
| Godiva Mortgages | |
| Santander |
Lease extensions in Capel St Mary can be a difficult process. We recommend you get guidance from a conveyancer and valuer with experience in this area.
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 Capel St Mary lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Hugo, came critically near to the 80-year mark with the lease on his studio apartment in Capel St Mary. Having bought his flat two decades ago, the length of the lease was of minimal interest. As luck would have it, he became aware that he would soon be paying an inflated amount for Extending the lease. Hugo was able to extend his lease just ahead of time last January. Hugo and the landlord who owned the flat above in the end agreed on a premium of £5,500 . If the lease had dipped below 80 years, the premium would have increased by a minimum £1,075.
In 2010 we were approached by Dr Jasmine Brown who, having moved into a studio flat in Capel St Mary in May 2007. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Comparable properties in Capel St Mary with an extended lease were valued around £198,800. The average ground rent payable was £55 collected yearly. The lease ended in 2081. Having 55 years unexpired we approximated the premium to the freeholder for the lease extension to be within £33,300 and £38,400 exclusive of expenses.
Last Winter we were contacted by Mr and Mrs. S Ramírez , who took over the lease of a purpose-built apartment in Capel St Mary in January 2007. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Comparative properties in Capel St Mary with 100 year plus lease were worth £295,000. The mid-range ground rent payable was £50 collected per annum. The lease expired on 14 November 2101. Considering the 75 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of professional charges.