Chances are that if you own a flat in Easthampstead you actually own a long leasehold interest over your property
Leasehold residencies in Easthampstead with over 100 years left 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 circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Coventry Building Society | |
| Halifax | |
| Santander | |
| Skipton Building Society |
Lease extensions in Easthampstead can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer 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 a wealth of experience dealing with Easthampstead lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Archie owned a studio flat in Easthampstead being sold with a lease of a few days over sixty years left. Archie informally contacted his freeholder a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Archie to invoke his statutory right. Archie obtained expert legal guidance and secured satisfactory resolution informally and ending up with a market value flat.
In 2010 we were called by Mr and Mrs. Y Cox who, having was assigned a lease of a one bedroom apartment in Easthampstead in July 2010. We are asked if we could estimate the price could be for a ninety year lease extension. Similar premises in Easthampstead with a long lease were worth £243,000. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease concluded in 2089. Given that there were 63 years remaining we approximated the premium to the landlord to extend the lease to be between £20,000 and £23,000 plus costs.
Mr Evan Bailey purchased a ground floor apartment in Easthampstead in June 2001. The question was if we could estimate the price would be to prolong the lease by 90 years. Similar homes in Easthampstead with an extended lease were worth £181,600. The mid-range ground rent payable was £55 collected monthly. The lease concluded on 12 August 2078. Given that there were 52 years remaining we approximated the compensation to the landlord for the lease extension to be within £30,400 and £35,200 exclusive of expenses.