Great Ayton leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Legislation has been in place for sometime now which permits qualifying Great Ayton residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Great Ayton you really ought to investigate if your lease has between seventy and ninety years remaining. There are good reasons why a Great Ayton flat owner with a lease having around 80 years remaining should take action to ensure that a lease extension is effected without delay
It is generally considered that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Coventry Building Society | |
| Leeds Building Society | |
| Santander |
Retaining our service will provide you increased control over the value of your Great Ayton leasehold, as your property will be more valuable and marketable in relation to the lease length should you want 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 protracted correspondence with the freeholder of her ground floor flat in Great Ayton, Sophia initiated the lease extension process as the 80 year mark was rapidly advancing. The lease extension completed in February 2010. The freeholder’s costs were kept to an absolute minimum.
Last month we were called by Mr D Gunderson , who completed a basement apartment in Great Ayton in September 1995. We are asked if we could shed any light on how much (roughly) price would be for a 90 year extension to my lease. Identical flats in Great Ayton with 100 year plus lease were in the region of £280,000. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease expiry date was in 2104. Considering the 78 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 not including professional charges.
Last Autumn we were phoned by Ms Natalie Garcia , who acquired a studio apartment in Great Ayton in June 1996. We are asked if we could shed any light on how much (approximately) price would likely be to extend the lease by a further 90 years. Comparable residencies in Great Ayton with 100 year plus lease were valued around £191,000. The mid-range amount of ground rent was £65 billed every twelve months. The lease terminated on 12 January 2084. Given that there were 58 years unexpired we calculated the compensation to the landlord to extend the lease to be within £23,800 and £27,400 not including professional charges.