Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will normally be granted for a fixed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Carisbrooke. Inevitably, the length of lease remaining reduces as time goes by. This is often ignored and only becomes a problem when the property needs to be sold or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to procure a lease extension. Qualifying leaseholders in Carisbrooke have the right to extend the lease for a further ninety years under statute. Please give careful deliberation before putting off your Carisbrooke lease extension. Putting off that expense now simply increases the price you will eventually have to pay to extend your lease
Leasehold properties in Carisbrooke with over 100 years left on the lease are often regarded as a ‘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 upside in purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Coventry Building Society | |
| Leeds Building Society | |
| TSB | |
| Royal Bank of Scotland |
Regardless of whether you are a tenant or a landlord in Carisbrooke,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Carisbrooke valuers.
Off the back of unsuccessful negotiations with the landlord of her ground floor flat in Carisbrooke, Millie initiated the lease extension process as the eighty year deadline was quickly coming. The lease extension was finalised in March 2007. The landlord’s fees were negotiated to less than 650 pounds.
Last Summer we were called by Mr and Mrs. I Anderson , who took over the lease of a purpose-built flat in Carisbrooke in November 2009. We are asked if we could shed any light on how much (approximately) price could be to extend the lease by a further 90 years. Identical residencies in Carisbrooke with an extended lease were in the region of £290,000. The mid-range amount of ground rent was £45 billed every twelve months. The lease lapsed on 23 June 2099. Given that there were 73 years unexpired we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus legals.
Mr and Mrs. B Green purchased a purpose-built flat in Carisbrooke in October 2008. We are asked if we could estimate the premium would likely be for a 90 year extension to my lease. Similar homes in Carisbrooke with an extended lease were worth £240,600. The average ground rent payable was £60 collected quarterly. The lease lapsed on 7 January 2088. Taking into account 62 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £21,900 and £25,200 not including expenses.