Elmswell leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Elmswell enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Elmswell you really ought to check if your lease has between 70 and 90 years remaining. There are compelling reasons why a Elmswell leaseholder with a lease having around eighty years remaining should take steps to make sure that a lease extension is effected without delay
It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Halifax | |
| National Westminster Bank | |
| Royal Bank of Scotland |
Using our service gives you increased control over the value of your Elmswell leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of lengthy correspondence with the freeholder of her studio flat in Elmswell, Leah initiated the lease extension process just as the lease was approaching the critical eighty-year deadline. The legal work was concluded in March 2015. The freeholder’s fees were kept to an absolute minimum.
In 2013 we were phoned by Dr Naomi García who, having was assigned a lease of a basement apartment in Elmswell in August 2006. We are asked if we could estimate the premium would likely be to extend the lease by a further 90 years. Comparable flats in Elmswell with a long lease were valued around £181,600. The average amount of ground rent was £55 billed quarterly. The lease came to a finish in 2078. Given that there were 52 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £30,400 and £35,200 plus legals.
Mr and Mrs. P Flores was assigned a lease of a one bedroom apartment in Elmswell in April 1995. We are asked if we could estimate the price could be for a 90 year extension to my lease. Identical properties in Elmswell with a long lease were in the region of £290,000. The average amount of ground rent was £45 collected quarterly. The lease expired on 12 March 2098. Having 72 years outstanding we calculated the premium to the landlord for the lease extension to be between £11,400 and £13,200 exclusive of costs.