For anyone whose Headington home is held on a long lease, our message is clear – if nothing is done, the property will ultimately revert to your landlord, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more expensive it will be to procure a lease extension.
Leasehold residencies in Headington with in excess of 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Coventry Building Society | |
| TSB | |
| Royal Bank of Scotland |
Regardless of whether you are a tenant or a freeholder in Headington,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Headington valuers.
Off the back of protracted discussions with the landlord of her first floor apartment in Headington, Lauren initiated the lease extension process just as the lease was coming close to the critical eighty-year deadline. The transaction was finalised in May 2007. The landlord’s fees were kept to an absolute minimum.
Last Summer we were contacted by Mr and Mrs. O Mason , who took over the lease of a garden apartment in Headington in August 2002. The dilemma was if we could estimate the premium would be to prolong the lease by a further 90 years. Similar residencies in Headington with a long lease were in the region of £183,600. The mid-range amount of ground rent was £65 invoiced monthly. The lease expired in 2083. Taking into account 57 years unexpired we estimated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 exclusive of costs.
In 2010 we were phoned by Dr P Sánchez who, having took over the lease of a studio apartment in Headington in November 2009. We are asked if we could approximate the premium would be for a ninety year extension to my lease. Similar homes in Headington with an extended lease were valued around £245,000. The average ground rent payable was £50 collected per annum. The lease terminated in 2094. Having 68 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus legals.