The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in East Boldon can extend the lease for an additional 90 years under the 1993 Leasehold Reform Act. Please think carefully before delaying your East Boldon lease extension. Postponing that expense now simply increases the amount you will eventually have to pay to extend the lease.
It is generally accepted that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Godiva Mortgages | |
| Halifax | |
| Skipton Building Society |
Irrespective of whether you are a tenant or a landlord in East Boldon,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with East Boldon valuers.
Two years ago Toby, started to get near to the 80-year mark with the lease on his two bedroom flat in East Boldon. In buying his flat twenty years ago, the unexpired term was of little relevance. Luckily, he noticed he would soon be paying way over the odds for Extending the lease. Toby was able to extend his lease at the eleventh hour last March. Toby and the freeholder in the end settled on an amount of £5,000 . If he failed to meet the deadline, the amount would have escalated by at least £975.
Last January we were called by Ms D Bertrand , who bought a garden apartment in East Boldon in January 1999. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Comparative premises in East Boldon with a long lease were worth £270,000. The average ground rent payable was £55 collected every twelve months. The lease concluded in 2101. Considering the 75 years unexpired we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of legals.
Mr and Mrs. B Parker acquired a basement apartment in East Boldon in September 2004. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparative premises in East Boldon with an extended lease were worth £173,800. The average ground rent payable was £60 collected annually. The lease terminated in 2081. Taking into account 55 years remaining we approximated the premium to the landlord for the lease extension to be between £31,400 and £36,200 not including expenses.