Owning a apartment usually means owning a lease of the property, which has a finite term of years. The lease will usually be granted for a set period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Fulwood and Elston. Inevitably, the term of lease remaining shortens over time. This is often ignored and only raises itself as an issue when the flat or house has to be disposed of or re-mortgaged. The fewer the years remaining the lower the value of the property and the more expensive it will be to obtain a lease extension. Qualifying long lease owners in Fulwood and Elston have the legal entitlement to extend the lease for an additional ninety years in accordance with the 1993 Leasehold Reform Act. Please give careful consideration before putting off your Fulwood and Elston lease extension. Holding off that expense now simply increases the price you will ultimately incur to extend your lease
Leasehold premises in Fulwood and Elston with in excess of one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| Halifax | |
| National Westminster Bank | |
| Santander |
Irrespective of whether you are a tenant or a freeholder in Fulwood and Elston,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 Fulwood and Elston valuers.
Following protracted discussions with the freeholder of her purpose-built apartment in Fulwood and Elston, Chloe initiated the lease extension process as the eighty year threshold was rapidly approaching. The transaction was concluded in November 2005. The freeholder’s charges were kept to an absolute minimum.
In 2013 we were e-mailed by Mr and Mrs. B Johnson who, having owned a first floor apartment in Fulwood and Elston in July 1999. We are asked if we could estimate the compensation to the landlord could be for a 90 year lease extension. Comparable homes in Fulwood and Elston with a long lease were in the region of £265,000. The mid-range ground rent payable was £55 invoiced yearly. The lease ended on 10 November 2100. Taking into account 74 years outstanding we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including costs.
In 2011 we were phoned by Mr Harrison Cooper who, having completed a studio apartment in Fulwood and Elston in September 2011. The dilemma was if we could approximate the price could be to prolong the lease by an additional years. Similar premises in Fulwood and Elston with 100 year plus lease were valued about £166,400. The mid-range ground rent payable was £60 invoiced annually. The lease came to a finish in 2080. Given that there were 54 years remaining we approximated the compensation to the freeholder to extend the lease to be within £32,300 and £37,400 plus legals.