Castleton and Blacktown leases on domestic properties are gradually losing value. Where your lease has in the region of 90 years remaining, you should start thinking about a lease extension. An important point to note is that it is financially advisable for your lease extension to be in place before the term of the current lease dips under 80 years - otherwise a higher premium will be due. Flat owners in Castleton and Blacktown will mostly be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to check if you qualify. In certain situations you may not be entitled. There are prescribed timetables and procedures to comply with once the process is initiated so it’s wise to be guided by a conveyancing solicitor during the process.
It is generally considered that a property with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Santander | |
| TSB | |
| Virgin |
The lawyers that we work with procure Castleton and Blacktown 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 lawyer we work with provide it.
During the course of the last few months Max, came perilously near to the eighty-year mark with the lease on his two bedroom flat in Castleton and Blacktown. Having purchased his property two decades ago, the unexpired term was of no relevance. Fortunately, he became aware that he would soon be paying an inflated amount for a lease extension. Max extended the lease just ahead of time in January. Max and the landlord in the end settled on a premium of £5,500 . If the lease had slid lower than 80 years, the amount would have gone up by a minimum £850.
Dr Sam Clarke moved into a ground floor flat in Castleton and Blacktown in January 1997. The question was if we could estimate the premium would likely be for a ninety year lease extension. Comparative flats in Castleton and Blacktown with an extended lease were in the region of £260,200. The mid-range amount of ground rent was £65 invoiced monthly. The lease ran out on 9 October 2092. Considering the 66 years outstanding we calculated the compensation to the landlord for the lease extension to be between £15,200 and £17,600 not including expenses.
Mr and Mrs. B Parker purchased a ground floor apartment in Castleton and Blacktown in April 2000. The question was if we could estimate the premium would be for a 90 year lease extension. Similar properties in Castleton and Blacktown with a long lease were worth £198,800. The average amount of ground rent was £55 billed every twelve months. The lease came to a finish on 4 June 2081. Given that there were 55 years remaining we calculated the compensation to the landlord for the lease extension to be between £33,300 and £38,400 exclusive of fees.