It’s a harsh certainty that a Friday Hill residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the first few years due to the depreciation being disguised by increases in the Friday Hill property prices.Where your lease has approximately ninety years left, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips under eighty years - otherwise a higher premium will be payable. The majority of flat owners in Friday Hill will be able to extend under the legislation; however a conveyancer will be able to clarify if you qualify for an extension. In some situations you may not be entitled. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your lawyer from beginning to end of the process.
It is conventional wisdom that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Skipton Building Society | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a freeholder in Friday Hill,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Friday Hill valuers.
Harry owned a studio flat in Friday Hill on the market with a lease of a little over 59 years left. Harry informally spoke with his landlord being a well known Bristol-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £125 yearly. No ground rent would be payable on a lease extension were Harry to exercise his statutory right. Harry procured expert legal guidance and secured an acceptable deal informally and sell the flat.
Mr and Mrs. I Taylor purchased a studio apartment in Friday Hill in January 2007. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Similar homes in Friday Hill with 100 year plus lease were valued about £191,000. The average ground rent payable was £65 billed per annum. The lease terminated on 11 July 2084. Taking into account 58 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £23,800 and £27,400 plus expenses.
Dr J Pérez moved into a basement flat in Friday Hill in July 2010. The question was if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Similar residencies in Friday Hill with 100 year plus lease were in the region of £250,000. The mid-range amount of ground rent was £50 billed every twelve months. The lease expired in 2095. Taking into account 69 years as a residual term we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus legals.