The market value of a leasehold property in Grange Over Sands is impacted by how many years the lease has left to run. If it is close to or less than eighty years you should foresee problems on re-sale, so it is recommended to arrange for the lease to be extended before buying. It is preferable to start the process of extending the lease is when a lease still has 82 years remaining so that formalities can be addressed in advance of the 80 year cut off point. Leasehold Reform legislation enables Grange Over Sands qualifying lessees to obtain a lease extension of 90 years in addition to the remaining length of the lease at a peppercorn rent (that is, rent free). The reason of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the acquisition of the lease extension.
It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Godiva Mortgages | |
| Skipton Building Society | |
| The Mortgage Works |
Lease extensions in Grange Over Sands can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor with experience in lease extensions.
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 in-depth market knowledge 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.
Following unsuccessful discussions with the landlord of her purpose-built apartment in Grange Over Sands, Jennifer initiated the lease extension process just as her lease was nearing the critical eighty-year mark. The lease extension was concluded in May 2007. The landlord’s fees were kept to an absolute minimum.
Last July we were e-mailed by Dr Alicia David , who acquired a first floor flat in Grange Over Sands in May 2000. The question was if we could estimate the compensation to the landlord would likely be to extend the lease by a further 90 years. Similar homes in Grange Over Sands with 100 year plus lease were in the region of £227,800. The average amount of ground rent was £45 collected annually. The lease terminated in 2091. Given that there were 65 years left we approximated the premium to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of expenses.
Last Christmas we were called by Mr J François , who bought a one bedroom flat in Grange Over Sands in February 2010. The question was if we could shed any light on how much (roughly) price would likely be to prolong the lease by a further 90 years. Comparable premises in Grange Over Sands with 100 year plus lease were worth £275,000. The mid-range amount of ground rent was £55 invoiced annually. The lease lapsed in 2102. Having 76 years unexpired we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of legals.