On the balance of probabilities where you own a flat in Greystones you actually own a long leasehold interest over your property
It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Santander | |
| TSB |
Lease extensions in Greystones can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer 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 Greystones lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Oscar owned a studio apartment in Greystones being marketed with a lease of just over 59 years unexpired. Oscar on an informal basis approached his freeholder being a well known London-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £50 per annum. No ground rent would be payable on a lease extension were Oscar to exercise his statutory right. Oscar procured expert legal guidance and secured satisfactory resolution informally and sell the property.
Last Autumn we were phoned by Mr Finn Lambert , who completed a garden flat in Greystones in January 2004. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by ninety years. Comparable homes in Greystones with an extended lease were valued around £218,400. The average amount of ground rent was £60 billed every twelve months. The lease expired in 2085. Taking into account 59 years as a residual term we estimated the premium to the landlord to extend the lease to be within £27,600 and £31,800 not including fees.
In 2014 we were phoned by Mrs E Robinson who, having took over the lease of a one bedroom apartment in Greystones in February 2005. We are asked if we could shed any light on how much (roughly) premium could be to extend the lease by an additional years. Comparative properties in Greystones with 100 year plus lease were valued about £205,000. The mid-range ground rent payable was £50 collected every twelve months. The lease terminated in 2105. Given that there were 79 years remaining we estimated the premium to the landlord for the lease extension to be within £7,600 and £8,800 not including costs.