Owning a flat usually means owning a lease of the property, which has a set term of years. your lease will normally be granted for a fixed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Knowle. Inevitably, the period of lease left reduces as time goes by. This may slip by relatively unnoticed when the residence has to be disposed of or re-mortgaged. The shorter the lease the lower the value of the property and the more expensive it will be to obtain a lease extension. Eligible long lease owners in Knowle have the legal entitlement to extend the lease for an additional 90 years under Leasehold Reform legislation. Please give careful attention before delaying your Knowle lease extension. Putting off that expense now simply increases the price you will eventually have to pay for a lease extension
Leasehold residencies in Knowle with more than one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth 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 maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Nationwide Building Society | |
| Santander | |
| TSB | |
| Yorkshire Building Society |
Using our service will provide you enhanced control over the value of your Knowle leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
After lengthy negotiations with the freeholder of her ground floor flat in Knowle, Lucy started the lease extension process just as the lease was nearing the critical eighty-year threshold. The lease extension was concluded in April 2006. The freeholder’s costs were negotiated to below 550 pounds.
Mrs Millie Hall acquired a basement flat in Knowle in February 2000. The dilemma was if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Similar premises in Knowle with an extended lease were in the region of £210,600. The average ground rent payable was £45 collected quarterly. The lease concluded in 2088. Taking into account 62 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £18,100 and £20,800 plus costs.
In 2013 we were e-mailed by Mrs Alice Khan who, having was assigned a lease of a garden flat in Knowle in February 2000. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Comparative properties in Knowle with an extended lease were valued around £260,000. The average amount of ground rent was £50 collected yearly. The lease came to a finish on 28 January 2098. Taking into account 72 years left we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus costs.