The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Leeds have the legal entitlement to extend the lease for an additional 90 years under statute. Do give careful consideration before delaying your Leeds lease extension. Putting off that expense today simply escalates the amount you will ultimately have to pay to extend the lease.
It is generally considered that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Skipton Building Society |
Lease extensions in Leeds can be a difficult process. We recommend you procure guidance from a lawyer and valuer well versed in the legislation and lease extension process.
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 in-depth market knowledge procuring Leeds 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 Caleb, came very near to the eighty-year mark with the lease on his first floor apartment in Leeds. In buying his flat two decades ago, the lease term was of no concern. Luckily, it dawned on him that he needed to take steps soon on a lease extension. Caleb extended the lease just in the nick of time last May. Caleb and the freeholder ultimately agreed on sum of £6,000 . If he had missed the deadline, the sum would have gone up by a minimum £900.
Last Spring we were called by Mrs F Petit , who completed a one bedroom flat in Leeds in January 2005. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year lease extension. Similar premises in Leeds with 100 year plus lease were valued around £193,400. The mid-range ground rent payable was £65 invoiced every twelve months. The lease terminated on 4 October 2085. Considering the 59 years unexpired we calculated the premium to the landlord to extend the lease to be within £21,900 and £25,200 exclusive of costs.
Last Autumn we were e-mailed by Dr Lewis Dupont , who owned a studio apartment in Leeds in November 2002. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Similar residencies in Leeds with an extended lease were in the region of £250,000. The average ground rent payable was £50 invoiced monthly. The lease expired on 7 February 2096. Taking into account 70 years outstanding we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus legals.