Desborough residential property held on a long lease is a depreciating asset because a leaseholder only owns the property for a period of years.
Leasehold residencies in Desborough with in excess of 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Coventry Building Society | |
| Halifax | |
| The Mortgage Works | |
| Yorkshire Building Society |
Lease extensions in Desborough can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor with experience in this area.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Desborough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Adam owned a conversion apartment in Desborough being sold with a lease of a few days over 61 years remaining. Adam informally contacted his freeholder a well known local-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Adam to exercise his statutory right. Adam procured expert legal guidance and secured satisfactory deal without going to tribunal and ending up with a market value flat.
Last March we were contacted by Mr and Mrs. H White , who took over the lease of a one bedroom apartment in Desborough in March 1996. The question was if we could approximate the price could be for a 90 year lease extension. Comparative homes in Desborough with an extended lease were in the region of £280,000. The mid-range amount of ground rent was £45 invoiced every twelve months. The lease elapsed on 5 May 2096. Having 70 years left we estimated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 plus professional charges.
Mr Kian Gómez took over the lease of a purpose-built apartment in Desborough in October 2000. We are asked if we could shed any light on how much (approximately) price would be for a ninety year lease extension. Comparable residencies in Desborough with an extended lease were in the region of £218,400. The mid-range amount of ground rent was £60 billed every twelve months. The lease termination date was on 12 September 2085. Taking into account 59 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £27,600 and £31,800 exclusive of legals.