On the balance of probabilities if you own a flat in Headingley you actually own a long leasehold interest over your property
Leasehold properties in Headingley with in excess of one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Halifax | |
| Leeds Building Society | |
| Skipton Building Society | |
| Yorkshire Building Society |
The lawyers that we work with procure Headingley lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
After protracted discussions with the freeholder of her first floor flat in Headingley, Robyn initiated the lease extension process just as her lease was coming close to the crucial eighty-year threshold. The lease extension was concluded in February 2014. The landlord’s costs were negotiated to under 600 pounds.
Last Winter we were contacted by Mr and Mrs. G Jones , who moved into a one bedroom apartment in Headingley in May 2000. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by a further 90 years. Comparative residencies in Headingley with a long lease were valued about £198,800. The average amount of ground rent was £55 invoiced every twelve months. The lease concluded in 2081. Considering the 55 years unexpired we approximated the compensation to the landlord to extend the lease to be between £33,300 and £38,400 exclusive of expenses.
Dr U Moore purchased a recently refurbished apartment in Headingley in May 1995. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparable premises in Headingley with 100 year plus lease were in the region of £295,000. The mid-range amount of ground rent was £45 invoiced monthly. The lease end date was in 2101. Having 75 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 not including professional charges.