For those whose Grange Over Sands home is held on a long lease, our message is clear – if you ignore the situation, your property will eventually revert to the freeholder, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease.
Leasehold residencies in Grange Over Sands with in excess of one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| TSB | |
| Virgin |
Using our service will provide you enhanced control over the value of your Grange Over Sands leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Following lengthy negotiations with the landlord of her basement flat in Grange Over Sands, Alice commenced the lease extension process just as the lease was nearing the all-important eighty-year mark. The lease extension completed in July 2014. The freeholder’s costs were kept to an absolute minimum.
Mr and Mrs. E White took over the lease of a garden apartment in Grange Over Sands in June 2008. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year extension to my lease. Comparable homes in Grange Over Sands with an extended lease were valued about £203,200. The mid-range amount of ground rent was £65 collected monthly. The lease ended in 2087. Given that there were 61 years left we approximated the compensation to the freeholder to extend the lease to be between £20,000 and £23,000 not including fees.
In 2013 we were phoned by Dr G Moore who, having was assigned a lease of a basement apartment in Grange Over Sands in August 2004. The dilemma was if we could estimate the price would likely be to extend the lease by 90 years. Comparable flats in Grange Over Sands with a long lease were worth £260,000. The mid-range amount of ground rent was £50 collected per annum. The lease ran out on 3 June 2098. Considering the 72 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of costs.