For those whose Colnbrook flat is held on a long lease, our message is clear – if you do nothing, the property will ultimately revert to the freeholder, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease.
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 further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Godiva Mortgages | |
| Halifax | |
| TSB |
Retaining our service gives you enhanced control over the value of your Colnbrook leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Half a year ago Connor, came perilously close to the 80-year mark with the lease on his first floor flat in Colnbrook. Having purchased his flat twenty years ago, the unexpired term was of little interest. Thankfully, it dawned on him that he would imminently be paying way over the odds for a lease extension. Connor was able to extend his lease at the eleventh hour in April. Connor and the landlord who owned the flat above in the end agreed on a premium of £6,000 . If he not met the deadline, the sum would have gone up by a minimum £900.
Last Spring we were approach by Dr Laura Sánchez , who bought a basement flat in Colnbrook in June 2002. The question was if we could approximate the compensation to the landlord could be for a 90 year lease extension. Comparative flats in Colnbrook with 100 year plus lease were in the region of £285,000. The average amount of ground rent was £55 collected quarterly. The lease came to a finish in 2105. Having 79 years outstanding we estimated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 not including costs.
In 2009 we were called by Mr Thomas Norbert who, having completed a recently refurbished flat in Colnbrook in April 1995. The question was if we could approximate the premium would likely be to prolong the lease by a further 90 years. Identical homes in Colnbrook with an extended lease were valued about £193,400. The mid-range amount of ground rent was £65 invoiced per annum. The lease elapsed on 6 March 2085. Given that there were 59 years left we calculated the compensation to the landlord for the lease extension to be between £21,900 and £25,200 not including fees.