Owning a apartment usually means owning a lease of the property, which has a set term of years. The lease will usually be granted for a fixed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Durrington. Clearly, the length of lease left shortens as time goes by. This may pass by relatively unnoticed when the property needs to be sold or re-mortgaged. The shorter the lease the less it is worth and the more it will cost to extend the lease. Eligible long lease owners in Durrington have the right to extend the lease for a further ninety years in accordance with Leasehold Reform legislation. You should give careful deliberation before delaying your Durrington lease extension. Putting off the cost now likely increases the price you will ultimately incur to extend your lease
Leasehold residencies in Durrington with more than one hundred years left on the lease are sometimes 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 to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Nationwide Building Society | |
| TSB |
The conveyancing solicitors that we work with procure Durrington 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 conveyancing solicitor we work with provide it.
Finn owned a 2 bedroom apartment in Durrington being marketed with a lease of just over sixty years unexpired. Finn on an informal basis approached his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £100 per annum. No ground rent would be payable on a lease extension were Finn to exercise his statutory right. Finn procured expert advice and was able to make an informed decision and handle with the matter and sell the property.
In 2014 we were contacted by Mr and Mrs. C Miller who, having owned a one bedroom flat in Durrington in June 2000. The dilemma was if we could shed any light on how much (approximately) price would be to extend the lease by an additional years. Identical flats in Durrington with a long lease were valued around £267,600. The mid-range ground rent payable was £65 invoiced yearly. The lease elapsed in 2093. Having 67 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £14,300 and £16,400 not including fees.
Last Christmas we were approach by Mr N Pérez , who purchased a garden apartment in Durrington in January 2007. The question was if we could approximate the premium would be for a 90 year lease extension. Similar premises in Durrington with a long lease were valued about £206,200. The average ground rent payable was £60 invoiced yearly. The lease lapsed on 6 June 2082. Given that there were 56 years unexpired we approximated the premium to the landlord for the lease extension to be between £32,300 and £37,400 plus costs.