Owning a apartment usually means owning a lease of the property, which has a set term of years. This lease will normally be granted for a fixed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Grange Over Sands. Clearly, the term of lease left shortens as time goes by. This may slip by relatively unnoticed when the property has to be disposed of or refinanced. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Qualifying long lease owners in Grange Over Sands have the legal entitlement to extend the lease for an additional ninety years under statute. You should give careful deliberation before delaying your Grange Over Sands lease extension. Holding off that expense now only increases the price you will eventually incur for a lease extension
Leasehold properties in Grange Over Sands with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| Nationwide Building Society | |
| Skipton Building Society | |
| Virgin |
Lease extensions in Grange Over Sands can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.
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 Grange Over Sands lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Elijah was the the leasehold proprietor of a studio flat in Grange Over Sands on the market with a lease of just over sixty years unexpired. Elijah on an informal basis approached his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £100 annually. No ground rent would be payable on a lease extension were Elijah to exercise his statutory right. Elijah procured expert legal guidance and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.
In 2014 we were called by Mr and Mrs. H Young who, having acquired a studio apartment in Grange Over Sands in March 2008. The question was if we could approximate the premium could be for a 90 year lease extension. Identical properties in Grange Over Sands with a long lease were valued around £260,000. The average ground rent payable was £50 invoiced monthly. The lease ended in 2099. Having 73 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including expenses.
Mrs K Peterson owned a purpose-built flat in Grange Over Sands in September 2002. We are asked if we could estimate the price would be to prolong the lease by an additional years. Comparable residencies in Grange Over Sands with a long lease were in the region of £264,000. The mid-range amount of ground rent was £60 collected quarterly. The lease ran out in 2079. Having 53 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £37,100 and £42,800 exclusive of costs.