On the balance of probabilities where you own a flat in Limbury you actually own a long leasehold interest over your property
Leasehold properties in Limbury with over 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| TSB |
Lease extensions in Limbury can be a difficult process. We recommend you procure guidance from a conveyancing solicitor 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 a wealth of experience dealing with Limbury lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Ethan owned a studio flat in Limbury being marketed with a lease of just over sixty years remaining. Ethan informally approached his freeholder a well known local-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £50 per annum. No ground rent would be due on a lease extension were Ethan to exercise his statutory right. Ethan obtained expert advice and was able to make a more informed decision and handle with the matter and readily saleable.
In 2011 we were called by Dr T Norbert who, having was assigned a lease of a one bedroom flat in Limbury in May 1995. We are asked if we could estimate the premium could be for a ninety year lease extension. Comparative premises in Limbury with 100 year plus lease were worth £193,400. The average amount of ground rent was £65 collected quarterly. The lease terminated on 22 May 2085. Having 59 years outstanding we calculated the compensation to the landlord for the lease extension to be between £21,900 and £25,200 exclusive of fees.
Last Autumn we were called by Dr J Clarke , who acquired a basement flat in Limbury in February 2006. We are asked if we could approximate the premium would be to prolong the lease by an additional years. Comparable flats in Limbury with an extended lease were valued about £250,000. The average ground rent payable was £50 invoiced per annum. The lease came to a finish in 2095. Taking into account 69 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of fees.