Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will normally be granted for a set period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Griffithstown. Inevitably, the term of lease left shortens as time goes by. This may pass by relatively unnoticed when the flat or house has to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more it will cost to extend the lease. Eligible long lease owners in Griffithstown have the right to extend the lease for an additional ninety years in accordance with the 1993 Leasehold Reform Act. You should give due attention before delaying your Griffithstown lease extension. Holding off the cost now likely increases the price you will eventually incur to extend your lease
Leasehold premises in Griffithstown with over one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Virgin |
Using our service will provide you increased control over the value of your Griffithstown leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
16 months ago Adam, came precariously near to the eighty-year mark with the lease on his one bedroom flat in Griffithstown. Having bought his flat two decades ago, the unexpired term was of no concern. by good luck, he noticed he would soon be paying way over the odds for Extending the lease. Adam extended the lease just under the wire in April. Adam and the landlord eventually settled on an amount of £6,000 . If he had missed the deadline, the amount would have increased by at least £925.
Dr R González was assigned a lease of a first floor apartment in Griffithstown in June 2012. We are asked if we could estimate the price could be for a ninety year extension to my lease. Identical residencies in Griffithstown with a long lease were worth £206,200. The average amount of ground rent was £55 invoiced monthly. The lease finished on 28 September 2082. Having 56 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £31,400 and £36,200 exclusive of costs.
In 2014 we were approached by Mr and Mrs. S Wood who, having owned a purpose-built flat in Griffithstown in April 2000. We are asked if we could estimate the premium would be for a 90 year extension to my lease. Identical homes in Griffithstown with a long lease were in the region of £300,000. The mid-range ground rent payable was £50 invoiced yearly. The lease finished in 2102. Having 76 years as a residual term we estimated the premium to the landlord for the lease extension to be within £8,600 and £9,800 not including professional charges.