Owning a flat usually means owning a lease of the property, which has a finite term of years. The lease will normally be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Felixstowe. Inevitably, the length of lease remaining shortens over time. This may slip by relatively unnoticed when the flat or house has to be disposed of or re-mortgaged. The fewer the years remaining the less it is worth and the more it will cost to procure a lease extension. Eligible long lease owners in Felixstowe have the right to extend the lease for an additional ninety years under statute. You should give due attention before putting off your Felixstowe lease extension. Putting off that expense now simply increases the price you will eventually have to pay for a lease extension
It is generally accepted that a property with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Nationwide Building Society | |
| Santander | |
| TSB | |
| Virgin |
Lease extensions in Felixstowe can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor with experience in lease extensions.
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 Felixstowe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Austin, came critically close to the eighty-year mark with the lease on his studio flat in Felixstowe. Having bought his flat two decades ago, the unexpired term was of little relevance. Luckily, he became aware that he would imminently be paying an escalated premium for a lease extension. Austin was able to extend his lease just in the nick of time in May. Austin and the freeholder eventually agreed on a premium of £6,000 . If the lease had dipped lower than 80 years, the premium would have escalated by a minimum £1,025.
Dr F García took over the lease of a basement flat in Felixstowe in April 2000. The question was if we could approximate the price could be for a ninety year lease extension. Identical flats in Felixstowe with an extended lease were in the region of £252,800. The mid-range ground rent payable was £65 billed annually. The lease terminated in 2091. Having 65 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £17,100 and £19,800 plus expenses.
Mr S Brown was assigned a lease of a purpose-built apartment in Felixstowe in October 2000. The question was if we could approximate the premium would likely be to extend the lease by a further 90 years. Comparative flats in Felixstowe with 100 year plus lease were in the region of £191,400. The mid-range ground rent payable was £55 invoiced every twelve months. The lease came to a finish on 11 February 2080. Given that there were 54 years remaining we calculated the premium to the landlord for the lease extension to be within £34,200 and £39,600 plus expenses.