Unfortunately that a Conisbrough residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the first few years due to the loss of value being disguised by increases in the Conisbrough property prices.Once your lease nears 85ish years, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips lower than eighty years - otherwise a higher amount will be payable. Most leasehold owners in Conisbrough will be able to extend under the legislation; however a lawyer will be able to confirm whether you are eligibility. In some situations you may not be entitled. There are also strict deadlines and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancer from beginning to end of the process.
Leasehold residencies in Conisbrough with more than 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| TSB |
The lawyers that we work with handle Conisbrough 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 conveyancer we work with provide it.
Ollie was the the leasehold proprietor of a 2 bedroom apartment in Conisbrough being sold with a lease of a few days over 59 years unexpired. Ollie informally spoke with his freeholder being a well known local-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £150 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Ollie to exercise his statutory right. Ollie obtained expert advice and secured satisfactory deal without going to tribunal and ending up with a market value flat.
Mr and Mrs. V Dupont was assigned a lease of a one bedroom apartment in Conisbrough in October 2000. The question was if we could shed any light on how much (approximately) premium would be for a 90 year lease extension. Identical flats in Conisbrough with a long lease were worth £227,800. The mid-range ground rent payable was £45 billed quarterly. The lease concluded on 23 June 2091. Given that there were 65 years unexpired we approximated the premium to the landlord to extend the lease to be between £13,300 and £15,400 plus legals.
In 2012 we were contacted by Mr and Mrs. Y Martínez who, having moved into a basement flat in Conisbrough in August 1999. The dilemma was if we could estimate the premium would be to extend the lease by ninety years. Comparative residencies in Conisbrough with an extended lease were valued around £275,000. The mid-range amount of ground rent was £55 collected yearly. The lease expired on 5 November 2102. Given that there were 76 years as a residual term we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus fees.