The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Fishponds can extend the lease for a further ninety years under the 1993 Leasehold Reform Act. Please think carefully before delaying your Fishponds lease extension. Postponing the costs today simply escalates the amount you will ultimately be required to pay to extend the lease.
Leasehold premises in Fishponds with over one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value 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 service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Godiva Mortgages | |
| Leeds Building Society | |
| National Westminster Bank | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a landlord in Fishponds,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Fishponds valuers.
During the course of the last few months Milo, came seriously close to the eighty-year mark with the lease on his first floor apartment in Fishponds. Having purchased his property two decades ago, the unexpired term was of minimal importance. Fortunately, he realised he would imminently be paying an inflated amount for Extending the lease. Milo arranged for a lease extension just ahead of time in May. Milo and the landlord who owned the flat above eventually agreed on the final figure of £5,000 . If the lease had fallen lower than 80 years, the sum would have gone up by at least £925.
Mr and Mrs. L Ali took over the lease of a purpose-built apartment in Fishponds in August 2000. We are asked if we could shed any light on how much (roughly) premium could be to extend the lease by 90 years. Comparable residencies in Fishponds with an extended lease were in the region of £203,200. The average amount of ground rent was £65 collected per annum. The lease finished in 2087. Considering the 61 years left we estimated the premium to the landlord for the lease extension to be within £19,000 and £22,000 plus fees.
In 2009 we were phoned by Dr O Nelson who, having completed a purpose-built apartment in Fishponds in January 2011. We are asked if we could estimate the price would likely be to prolong the lease by ninety years. Comparative flats in Fishponds with a long lease were in the region of £260,000. The mid-range ground rent payable was £50 billed every twelve months. The lease concluded on 27 August 2098. Considering the 72 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 plus fees.