Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will usually be granted for a set period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Halesworth. Inevitably, the period of lease left reduces as time goes by. This may pass by relatively unnoticed when the property has to be sold or re-mortgaged. The shorter the lease the lower the value of the property and the more it will cost to procure a lease extension. Eligible leaseholders in Halesworth have the legal entitlement to extend the lease for an additional ninety years in accordance with legislation. Please give due consideration before putting off your Halesworth lease extension. Holding off that expense now simply increases the price you will eventually incur for a lease extension
It is generally considered that a residential leasehold with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| The Mortgage Works | |
| Virgin | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a freeholder in Halesworth,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Halesworth valuers.
Nathaniel owned a studio apartment in Halesworth being sold with a lease of a little over sixty years remaining. Nathaniel on an informal basis contacted his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £200 per annum. No ground rent would be due on a lease extension were Nathaniel to invoke his statutory right. Nathaniel procured expert advice and was able to make an informed judgement and deal with the matter and sell the flat.
In 2009 we were contacted by Ms Leah Carter who, having acquired a one bedroom apartment in Halesworth in November 1998. The question was if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Comparative homes in Halesworth with a long lease were valued around £290,000. The mid-range amount of ground rent was £45 billed per annum. The lease lapsed on 11 October 2099. Considering the 73 years outstanding we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 plus fees.
In 2011 we were e-mailed by Mr and Mrs. V Moore who, having owned a one bedroom apartment in Halesworth in September 1996. We are asked if we could shed any light on how much (approximately) price would be to prolong the lease by an additional years. Comparable homes in Halesworth with an extended lease were in the region of £240,600. The mid-range amount of ground rent was £60 invoiced quarterly. The lease finished in 2088. Given that there were 62 years unexpired we calculated the compensation to the landlord to extend the lease to be within £21,900 and £25,200 not including professional charges.