Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will usually be granted for a set period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Ilfracombe. Inevitably, the length of lease remaining shortens as time goes by. This may slip by relatively unnoticed when the flat or house needs 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 obtain a lease extension. Qualifying long lease owners in Ilfracombe have the right to extend the lease for a further 90 years in accordance with Leasehold Reform legislation. Please give due deliberation before delaying your Ilfracombe lease extension. Holding off that expense now simply increases the price you will ultimately incur for a lease extension
Leasehold properties in Ilfracombe with more than 100 years outstanding on the lease are often 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 buying the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| National Westminster Bank | |
| Santander | |
| Skipton Building Society | |
| TSB | |
| Royal Bank of Scotland |
Retaining our service will provide you enhanced control over the value of your Ilfracombe leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Half a year ago Eli, started to get near to the 80-year mark with the lease on his garden apartment in Ilfracombe. Having purchased his home two decades ago, the lease term was of no significance. Luckily, he recognised he would imminently be paying an inflated amount for a lease extension. Eli extended the lease at the eleventh hour in June. Eli and the landlord in the end agreed on an amount of £6,000 . If the lease had descended lower than 80 years, the figure would have gone up by a minimum £1,150.
Last Winter we were approach by Mr and Mrs. F Wright , who owned a garden apartment in Ilfracombe in August 1998. We are asked if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Comparative properties in Ilfracombe with 100 year plus lease were valued around £270,000. The mid-range ground rent payable was £65 collected yearly. The lease expiry date was in 2094. Taking into account 68 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 not including legals.
Dr Callum Bernard took over the lease of a studio flat in Ilfracombe in April 2001. The dilemma was if we could estimate the compensation to the landlord would likely be to prolong the lease by an additional years. Similar properties in Ilfracombe with an extended lease were in the region of £208,600. The average amount of ground rent was £60 billed quarterly. The lease came to a finish on 22 September 2083. Having 57 years remaining we approximated the premium to the landlord for the lease extension to be within £30,400 and £35,200 plus legals.