Chances are that if you own a flat in Leiston you actually own a long leasehold interest over your property
Leasehold properties in Leiston with over one hundred years remaining 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 home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Nationwide Building Society | |
| Santander | |
| Skipton Building Society | |
| The Mortgage Works |
Lease extensions in Leiston can be a difficult process. We recommend you secure professional help from a lawyer and surveyor 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 dealing with Leiston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
John was the the leasehold owner of a conversion apartment in Leiston being marketed with a lease of just over 61 years unexpired. John informally approached his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were John to invoke his statutory right. John obtained expert advice and secured an acceptable resolution without going to tribunal and readily saleable.
In 2009 we were phoned by Dr Kai Rivera who, having bought a basement apartment in Leiston in October 2007. The question was if we could shed any light on how much (roughly) price would likely be to extend the lease by a further 90 years. Comparable premises in Leiston with a long lease were valued about £270,000. The mid-range amount of ground rent was £55 collected yearly. The lease expired in 2101. Considering the 75 years unexpired we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of fees.
Mrs Tia Williams purchased a first floor apartment in Leiston in September 2007. The question was if we could shed any light on how much (roughly) premium could be to prolong the lease by a further 90 years. Similar homes in Leiston with an extended lease were worth £173,800. The average ground rent payable was £60 collected per annum. The lease lapsed on 1 April 2081. Taking into account 55 years outstanding we approximated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 exclusive of fees.