On the balance of probabilities if you own a flat in Kirton in Lindsey you actually own a long leasehold interest over your property
Leasehold residencies in Kirton in Lindsey with in excess of one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Halifax | |
| National Westminster Bank | |
| Santander | |
| TSB |
The conveyancing solicitors that we work with procure Kirton in Lindsey 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.
Last October Theo, started to get close to the 80-year mark with the lease on his ground floor flat in Kirton in Lindsey. Having bought his home two decades ago, the unexpired term was of no importance. Thankfully, he became aware that he would imminently be paying an escalated premium for a lease extension. Theo was able to extend his lease at the eleventh hour in January. Theo and the freeholder via the managing agents eventually agreed on the final figure of £5,000 . If he failed to meet the deadline, the premium would have increased by at least £975.
In 2013 we were contacted by Mr Arthur Leroy who, having bought a ground floor flat in Kirton in Lindsey in May 1999. The question was if we could approximate the premium would be for a ninety year extension to my lease. Comparable flats in Kirton in Lindsey with a long lease were worth £181,200. The mid-range ground rent payable was £65 collected monthly. The lease terminated on 4 April 2082. Having 56 years unexpired we estimated the premium to the landlord to extend the lease to be within £29,500 and £34,000 exclusive of expenses.
In 2013 we were contacted by Dr V García who, having bought a basement apartment in Kirton in Lindsey in April 2006. The dilemma was if we could approximate the price could be for a ninety year extension to my lease. Identical premises in Kirton in Lindsey with a long lease were valued around £242,600. The mid-range ground rent payable was £45 billed yearly. The lease ran out in 2093. Given that there were 67 years unexpired we estimated the compensation to the landlord for the lease extension to be between £11,400 and £13,200 not including legals.