Chances are that where you own a flat in Grangetown you actually own a long leasehold interest over your property
It is generally accepted that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Nationwide Building Society |
Irrespective of whether you are a tenant or a landlord in Grangetown,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Grangetown valuers.
Last October Gabriel, started to get close to the eighty-year threshold with the lease on his basement apartment in Grangetown. Having bought his flat two decades ago, the lease term was of little relevance. Luckily, he became aware that he needed to take steps soon on Extending the lease. Gabriel extended the lease just under the wire last September. Gabriel and the freeholder via the managing agents in the end agreed on a premium of £5,500 . If the lease had descended lower than 80 years, the premium would have escalated by at least £925.
In 2012 we were e-mailed by Dr Milo Rivera who, having purchased a one bedroom apartment in Grangetown in July 1997. The question was if we could shed any light on how much (roughly) premium would be to prolong the lease by a further 90 years. Comparable flats in Grangetown with an extended lease were in the region of £174,200. The mid-range ground rent payable was £55 invoiced quarterly. The lease concluded in 2077. Given that there were 51 years outstanding we calculated the premium to the freeholder to extend the lease to be within £31,400 and £36,200 plus legals.
Dr L Collins completed a studio apartment in Grangetown in November 2001. The question was if we could estimate the compensation to the landlord would be to prolong the lease by 90 years. Comparative premises in Grangetown with 100 year plus lease were worth £285,000. The mid-range amount of ground rent was £45 billed per annum. The lease elapsed in 2097. Having 71 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 not including fees.