The re-sale value of a leasehold property in Harleston depends on how many years the lease has left to run. If it is close to or fewer than 80 years you should foresee problems on re-sale, so it is recommended to arrange for the lease to be extended before purchasing. It is ideal to start the process of extending the lease is when a lease still has 82 years unexpired so that all matters can be finalised prior to the 80 year mark. Statute enables Harleston qualifying lessees to acquire a new lease which will be for the balance of the existing lease plus a supplemental term of 90 years. The reason of the valuation is to determine the premium payable by the lessee to the freeholder for the acquisition of the lease extension.
It is generally considered that a property with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Santander | |
| Virgin |
Retaining our service gives you enhanced control over the value of your Harleston leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
After lengthy discussions with the freeholder of her leasehold flat in Harleston, Alisha commenced the lease extension process as the eighty year mark was fast coming. The transaction was finalised in July 2015. The freeholder’s costs were kept to an absolute minimum.
Mr and Mrs. V Mason moved into a purpose-built flat in Harleston in January 2010. We are asked if we could estimate the price could be for a ninety year extension to my lease. Comparative premises in Harleston with an extended lease were in the region of £227,800. The mid-range amount of ground rent was £45 collected monthly. The lease finished on 22 August 2091. Considering the 65 years left we approximated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 plus costs.
Mr and Mrs. A López completed a one bedroom apartment in Harleston in October 2004. We are asked if we could estimate the price would likely be for a 90 year lease extension. Comparative flats in Harleston with 100 year plus lease were worth £275,000. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease lapsed on 9 September 2102. Having 76 years left we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus expenses.