Frinton and Walton leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Frinton and Walton residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Frinton and Walton you must check if your lease has between 70 and ninety years left. There are good reasons why a Frinton and Walton flat owner with a lease having around 80 years remaining should take steps to make sure that a lease extension is actioned without delay
Leasehold premises in Frinton and Walton with over 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| National Westminster Bank | |
| Nationwide Building Society |
Lease extensions in Frinton and Walton can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor with experience in this area.
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 procuring Frinton and Walton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Benjamin owned a high value flat in Frinton and Walton on the market with a lease of fraction over 72 years outstanding. Benjamin informally spoke with his landlord a well known local-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £125 yearly. Ordinarily, ground rent would not be due on a lease extension were Benjamin to exercise his statutory right. Benjamin obtained expert advice and secured satisfactory deal informally and readily saleable.
Last Christmas we were called by Dr Milo Bell , who purchased a studio flat in Frinton and Walton in January 2009. The dilemma was if we could shed any light on how much (approximately) price would be for a ninety year lease extension. Identical flats in Frinton and Walton with a long lease were in the region of £265,000. The average amount of ground rent was £50 collected quarterly. The lease termination date was on 1 February 2100. Considering the 74 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus legals.
Dr G Edwards completed a purpose-built apartment in Frinton and Walton in May 2007. The question was if we could approximate the premium would likely be to prolong the lease by an additional years. Identical premises in Frinton and Walton with an extended lease were valued about £266,400. The mid-range ground rent payable was £60 collected yearly. The lease lapsed in 2080. Considering the 54 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £36,100 and £41,800 not including fees.