Chances are that where you own a flat in Lake District you actually own a long leasehold interest over your property
It is generally considered that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| TSB |
Engaging our service gives you enhanced control over the value of your Lake District leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Ali owned a high value apartment in Lake District being marketed with a lease of a little over 72 years remaining. Ali informally spoke with his landlord a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £150 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Ali to invoke his statutory right. Ali obtained expert legal guidance and secured satisfactory deal without going to tribunal and sell the flat.
Last Summer we were phoned by Mr and Mrs. F Evans , who took over the lease of a newly refurbished flat in Lake District in February 2009. We are asked if we could approximate the premium would be for a 90 year extension to my lease. Comparative residencies in Lake District with 100 year plus lease were valued about £200,000. The mid-range ground rent payable was £50 collected per annum. The lease expired in 2104. Having 78 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 not including professional charges.
Last month we were approach by Mr Ollie Ramírez , who owned a basement flat in Lake District in January 2001. We are asked if we could estimate the price would likely be for a ninety year lease extension. Identical flats in Lake District with an extended lease were worth £267,600. The average amount of ground rent was £65 collected quarterly. The lease ran out in 2093. Having 67 years outstanding we estimated the premium to the landlord to extend the lease to be between £14,300 and £16,400 not including costs.