Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Fillongley. Clearly, the term of lease left reduces over time. This may pass by relatively unnoticed when the residence 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 obtain a lease extension. Qualifying leaseholders in Fillongley have the legal entitlement to extend the lease for a further ninety years in accordance with statute. Please give due deliberation before delaying your Fillongley lease extension. Putting off the cost now only increases the price you will ultimately incur for a lease extension
Leasehold premises in Fillongley with more than 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Godiva Mortgages | |
| Santander | |
| The Mortgage Works |
Engaging our service will provide you increased control over the value of your Fillongley leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Last October Jackson, came very close to the 80-year threshold with the lease on his ground floor flat in Fillongley. In buying his home two decades ago, the unexpired term was of little concern. Fortunately, he recognised he needed to take steps soon on a lease extension. Jackson arranged for a lease extension at the eleventh hour in September. Jackson and the landlord who owned the flat above ultimately settled on the final figure of £6,000 . If the lease had descended lower than eighty years, the sum would have increased by at least £1,075.
Last Spring we were contacted by Mr and Mrs. B Phillips , who owned a one bedroom flat in Fillongley in January 2011. We are asked if we could shed any light on how much (approximately) price would be for a 90 year extension to my lease. Similar flats in Fillongley with a long lease were worth £205,000. The average amount of ground rent was £50 invoiced yearly. The lease end date was in 2105. Given that there were 79 years remaining we estimated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 plus fees.
Mr and Mrs. D Vincent completed a ground floor flat in Fillongley in July 2003. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year extension to my lease. Comparable premises in Fillongley with a long lease were worth £275,000. The average ground rent payable was £65 billed annually. The lease ended on 11 September 2094. Considering the 68 years remaining we estimated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 not including legals.