Owning a apartment usually means owning a lease of the property, which has a set term of years. This lease will ordinarily be granted for a fixed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Driffield. Inevitably, the period of lease left shortens as time goes by. This is often overlooked and only raises itself as an issue when the flat or house needs to be sold or refinanced. The shorter the lease the less it is worth and the more it will cost to extend the lease. Eligible leaseholders in Driffield have the right to extend the lease for a further ninety years in accordance with legislation. You should give careful attention before putting off your Driffield lease extension. Holding off the cost now simply increases the price you will ultimately have to pay to extend your lease
Leasehold premises in Driffield with more than 100 years unexpired 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 home. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Halifax | |
| Leeds Building Society | |
| TSB |
Lease extensions in Driffield can be a difficult process. We recommend you procure professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.
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 in-depth market knowledge dealing with Driffield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of protracted negotiations with the landlord of her two bedroom apartment in Driffield, Melissa started the lease extension process just as the lease was nearing the crucial 80-year deadline. The lease extension was finalised in February 2010. The landlord’s charges were negotiated to about 650 pounds.
Mr and Mrs. D Martinez purchased a recently refurbished flat in Driffield in March 2011. The question was if we could approximate the premium could be to prolong the lease by ninety years. Comparative residencies in Driffield with a long lease were valued around £210,600. The mid-range ground rent payable was £45 billed quarterly. The lease end date was in 2088. Given that there were 62 years remaining we estimated the premium to the freeholder to extend the lease to be within £18,100 and £20,800 exclusive of expenses.
In 2012 we were approached by Dr Emily Kelly who, having completed a basement apartment in Driffield in September 2012. The question was if we could approximate the premium would be to extend the lease by a further 90 years. Similar residencies in Driffield with an extended lease were valued about £260,000. The average ground rent payable was £50 invoiced every twelve months. The lease lapsed on 20 March 2099. Taking into account 73 years outstanding we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 not including costs.