The market value of a leasehold property in Chapeltown is impacted by how many years the lease has remaining. If it is close to or fewer than 80 years you should expect problems on re-sale, so it is recommended to arrange for a lease extension before purchasing. Ideally one should start the lease extension process when a lease still has 82 years remaining so that formalities can be concluded ahead of the 80 year mark. Leasehold Reform legislation enables Chapeltown qualifying lessees to obtain a new lease which will be for the balance of the existing lease plus a supplemental term of ninety years. The intention of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the purchase of the lease extension.
It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Nationwide Building Society | |
| Santander | |
| Skipton Building Society | |
| TSB |
Regardless of whether you are a tenant or a freeholder in Chapeltown,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Chapeltown valuers.
In the wake of 9 months of unsuccessful correspondence with the landlord of her purpose-built apartment in Chapeltown, Leah commenced the lease extension process as the 80 year threshold was quickly approaching. The lease extension completed in June 2013. The landlord’s fees were kept to an absolute minimum.
Mr and Mrs. O Collins completed a ground floor apartment in Chapeltown in May 2001. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year extension to my lease. Similar flats in Chapeltown with a long lease were valued about £223,400. The average ground rent payable was £60 billed per annum. The lease finished in 2085. Considering the 59 years unexpired we approximated the compensation to the landlord for the lease extension to be between £27,600 and £31,800 exclusive of professional charges.
Last Summer we were contacted by Ms Nicole Campbell , who purchased a one bedroom apartment in Chapeltown in November 2006. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year lease extension. Similar residencies in Chapeltown with a long lease were in the region of £205,000. The mid-range amount of ground rent was £50 invoiced every twelve months. The lease came to a finish in 2105. Taking into account 79 years outstanding we approximated the premium to the landlord to extend the lease to be within £8,600 and £9,800 plus expenses.