Owning a apartment usually means owning a lease of the property, which has a finite 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 Hightown. Clearly, the term of lease left reduces as time goes by. This is often ignored and only raises itself as an issue when the property has to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease. Qualifying long lease owners in Hightown have the right to extend the lease for a further ninety years under legislation. You should give careful deliberation before putting off your Hightown lease extension. Holding off the cost now only increases the price you will eventually have to pay to extend your lease
It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| TSB | |
| Royal Bank of Scotland | |
| Virgin | |
| Yorkshire Building Society |
Lease extensions in Hightown can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Hightown lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last year Zachary, started to get near to the eighty-year mark with the lease on his two bedroom apartment in Hightown. In buying his home two decades ago, the length of the lease was of no significance. Fortunately, he noticed he needed to take steps soon on a lease extension. Zachary was able to extend his lease at the eleventh hour in January. Zachary and the landlord who owned the flat above eventually agreed on a premium of £6,000 . If the lease had dipped to less than eighty years, the price would have escalated by a minimum £1,075.
In 2011 we were phoned by Dr Elijah Roux who, having acquired a one bedroom flat in Hightown in August 2007. The question was if we could estimate the premium would likely be for a ninety year lease extension. Comparable flats in Hightown with 100 year plus lease were valued about £176,200. The average amount of ground rent was £65 billed yearly. The lease expiry date was on 25 June 2082. Taking into account 56 years remaining we calculated the premium to the freeholder for the lease extension to be between £29,500 and £34,000 not including fees.
Last Christmas we were e-mailed by Mrs U Parker , who completed a one bedroom apartment in Hightown in June 2000. The question was if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Comparable premises in Hightown with an extended lease were in the region of £242,600. The mid-range ground rent payable was £45 collected yearly. The lease came to a finish on 12 November 2093. Taking into account 67 years remaining we estimated the premium to the freeholder to extend the lease to be within £11,400 and £13,200 not including fees.