Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will normally be granted for a set period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Lee On The Solent. Inevitably, the term of lease remaining shortens as time goes by. This may pass by relatively unnoticed when the flat or house has to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more it will cost to obtain a lease extension. Qualifying leaseholders in Lee On The Solent have the legal entitlement to extend the lease for a further 90 years under legislation. Please give careful consideration before putting off your Lee On The Solent lease extension. Holding off the cost now simply increases the price you will ultimately incur for a lease extension
Leasehold properties in Lee On The Solent with in excess of one hundred years remaining on the lease are often referred to as ‘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 purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Skipton Building Society |
Lease extensions in Lee On The Solent can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer with experience in this area.
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 dealing with Lee On The Solent 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 Samuel, came very near to the 80-year mark with the lease on his garden flat in Lee On The Solent. In buying his home twenty years previously, the lease term was of no significance. by good luck, he became aware that he needed to take steps soon on a lease extension. Samuel arranged for a lease extension just under the wire in May. Samuel and the landlord ultimately settled on a premium of £5,500 . If the lease had fallen to less than 80 years, the amount would have become more costly by at least £1,150.
Last year we were called by Mrs Georgia Torres , who took over the lease of a garden apartment in Lee On The Solent in March 2010. The question was if we could approximate the price could be for a 90 year extension to my lease. Comparable homes in Lee On The Solent with a long lease were worth £265,000. The average amount of ground rent was £50 collected annually. The lease terminated on 16 June 2100. Considering the 74 years left we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of fees.
Mr Tommy Murphy moved into a newly refurbished apartment in Lee On The Solent in February 1996. The dilemma was if we could shed any light on how much (approximately) premium could be to prolong the lease by a further 90 years. Identical flats in Lee On The Solent with an extended lease were valued about £166,400. The average amount of ground rent was £60 billed yearly. The lease termination date was on 17 July 2080. Taking into account 54 years outstanding we calculated the premium to the landlord to extend the lease to be between £32,300 and £37,400 exclusive of expenses.