Owning a flat usually means owning a lease of the property, which has a set term of years. The lease will normally be granted for a set period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Henleaze. Clearly, the term of lease left reduces over time. This may pass by relatively unnoticed when the flat or house needs to be disposed of or refinanced. The shorter the lease the less it is worth and the more it will cost to extend the lease. Qualifying leaseholders in Henleaze have the right to extend the lease for an additional ninety years under legislation. Do give due attention before putting off your Henleaze lease extension. Putting off the cost now likely increases the price you will eventually have to pay for a lease extension
Leasehold properties in Henleaze with over one hundred years unexpired on the lease are sometimes regarded as a ‘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 purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Leeds Building Society | |
| Royal Bank of Scotland | |
| Virgin | |
| Yorkshire Building Society |
The conveyancers that we work with procure Henleaze 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 lawyer we work with provide it.
In the wake of eight months of protracted discussions with the freeholder of her first floor apartment in Henleaze, Mollie started the lease extension process just as her lease was coming close to the all-important 80-year deadline. The legal work completed in August 2014. The landlord’s fees were kept to an absolute minimum.
Last July we were e-mailed by Mr and Mrs. E Wilson , who moved into a studio flat in Henleaze in October 2003. The dilemma was if we could estimate the price would likely be to prolong the lease by a further 90 years. Identical premises in Henleaze with 100 year plus lease were worth £196,400. The average ground rent payable was £55 collected monthly. The lease ran out on 8 June 2080. Given that there were 54 years remaining we calculated the compensation to the landlord to extend the lease to be between £34,200 and £39,600 exclusive of expenses.
In 2012 we were called by Ms Ellie Mitchell who, having moved into a recently refurbished flat in Henleaze in June 2001. We are asked if we could estimate the price could be for a 90 year lease extension. Comparative homes in Henleaze with an extended lease were in the region of £295,000. The average amount of ground rent was £45 collected annually. The lease came to a finish on 4 September 2100. Taking into account 74 years remaining we estimated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of expenses.