Lee On The Solent leases on domestic deteriorating in value. if your lease has about 90 years left, you should start considering the need for a lease extension. An important point to note is that it is desirable for the lease extension to be in place before the term of the existing lease falls below eighty years - otherwise a higher premium will be payable. Flat owners in Lee On The Solent will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancer to check your eligibility. In certain cases you may not be entitled. There are also strict deadlines and steps to follow once the process is triggered so it’s wise to be guided by a conveyancing solicitor during the process.
It is generally accepted that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| Santander | |
| The Mortgage Works |
Lease extensions in Lee On The Solent can be a difficult process. We recommend you procure professional help from a lawyer 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 procuring 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.
Liam owned a studio flat in Lee On The Solent on the market with a lease of a few days over 61 years unexpired. Liam informally approached his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Liam to invoke his statutory right. Liam obtained expert legal guidance and secured satisfactory resolution without going to tribunal and sell the flat.
In 2012 we were approached by Dr Georgia Sharif who, having was assigned a lease of a recently refurbished apartment in Lee On The Solent in January 2012. We are asked if we could approximate the price would likely be for a 90 year lease extension. Similar premises in Lee On The Solent with an extended lease were worth £168,800. The average amount of ground rent was £60 collected yearly. The lease ended in 2081. Having 55 years left we approximated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 not including professional charges.
Mr Aaron Bonnet took over the lease of a basement apartment in Lee On The Solent in September 2012. The dilemma was if we could estimate the premium would be to extend the lease by a further 90 years. Identical flats in Lee On The Solent with 100 year plus lease were in the region of £235,200. The mid-range amount of ground rent was £45 collected yearly. The lease ended on 16 July 2092. Taking into account 66 years outstanding we estimated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 not including expenses.