On the balance of probabilities if you own a flat in East Dean you actually own a long leasehold interest over your property
Leasehold properties in East Dean with over one hundred 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 home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Godiva Mortgages | |
| Leeds Building Society | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Irrespective of whether you are a tenant or a landlord in East Dean,the lease extension solicitors 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 Dean valuers.
Jamie was the the leasehold proprietor of a conversion flat in East Dean on the market with a lease of just over fifty eight years left. Jamie informally contacted his landlord a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £200 per annum. No ground rent would be payable on a lease extension were Jamie to exercise his statutory right. Jamie obtained expert legal guidance and secured satisfactory deal without going to tribunal and sell the property.
Mr N Davis completed a first floor flat in East Dean in May 2000. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by a further 90 years. Identical properties in East Dean with 100 year plus lease were valued about £250,400. The mid-range ground rent payable was £65 collected every twelve months. The lease expired in 2090. Given that there were 64 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £19,000 and £22,000 exclusive of expenses.
Last Christmas we were called by Mr and Mrs. T Ramírez , who purchased a purpose-built flat in East Dean in April 1998. We are asked if we could approximate the premium could be to prolong the lease by an additional years. Identical residencies in East Dean with a long lease were worth £189,000. The mid-range amount of ground rent was £55 invoiced annually. The lease concluded on 27 July 2079. Considering the 53 years outstanding we calculated the premium to the landlord to extend the lease to be between £28,500 and £33,000 exclusive of fees.