Great Shelford leases on residential deteriorating in value. if your lease has about 90 years unexpired, you should start thinking about a lease extension. An important point to note is that it is financially advisable for your lease extension to be in place before the term of the current lease falls below eighty years - otherwise a higher premium will be due. Leasehold owners in Great Shelford will usually qualify for a lease extension; however a solicitor should be able confirm your eligibility. In certain situations you may not qualify. There are also strict deadlines and formalities to comply with once the process has started so it’s wise to be guided by a conveyancer during the process.
Leasehold properties in Great Shelford with more than one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| The Mortgage Works | |
| Virgin |
Retaining our service gives you increased control over the value of your Great Shelford leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Harrison was the the leasehold proprietor of a 2 bedroom apartment in Great Shelford on the market with a lease of fraction over fifty eight years outstanding. Harrison informally approached his freeholder being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £100 per annum. Ordinarily, ground rent would not be payable on a lease extension were Harrison to exercise his statutory right. Harrison procured expert advice and secured satisfactory deal without going to tribunal and sell the flat.
Last January we were contacted by Ms R Campbell , who acquired a newly refurbished apartment in Great Shelford in January 2008. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by a further 90 years. Comparable homes in Great Shelford with 100 year plus lease were worth £265,000. The average ground rent payable was £50 invoiced monthly. The lease ran out on 22 October 2100. Taking into account 74 years unexpired we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus legals.
Last August we were phoned by Mr Edward Morgan , who owned a studio flat in Great Shelford in October 2008. The dilemma was if we could shed any light on how much (approximately) premium would likely be for a 90 year lease extension. Identical premises in Great Shelford with an extended lease were valued about £166,400. The mid-range amount of ground rent was £60 invoiced yearly. The lease finished on 13 September 2080. Having 54 years remaining we approximated the compensation to the freeholder for the lease extension to be within £32,300 and £37,400 plus legals.