The only way is down when it comes to Linslade lease terms. Linslade leaseholds that have a remaining term fewer than eighty years will reduce in value at a rapid rate, and the cost to extend your lease will rise.
It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Leeds Building Society | |
| National Westminster Bank | |
| TSB | |
| Virgin |
Using our service will provide you enhanced control over the value of your Linslade leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Ben was the the leasehold proprietor of a studio flat in Linslade being sold with a lease of a little over sixty years left. Ben informally contacted his landlord a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £200 annually. Ordinarily, ground rent would not be payable on a lease extension were Ben to exercise his statutory right. Ben procured expert legal guidance and was able to make an informed decision and deal with the matter and readily saleable.
In 2013 we were e-mailed by Mr Lucas Edwards who, having moved into a one bedroom apartment in Linslade in May 1998. The question was if we could approximate the price would likely be to extend the lease by a further 90 years. Comparable properties in Linslade with 100 year plus lease were in the region of £290,000. The mid-range ground rent payable was £45 billed yearly. The lease finished on 13 February 2099. Given that there were 73 years as a residual term we calculated the premium to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of legals.
Last year we were called by Mr John Cox , who completed a basement apartment in Linslade in September 1999. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Similar residencies in Linslade with a long lease were in the region of £240,600. The mid-range ground rent payable was £65 collected quarterly. The lease finished on 18 May 2088. Taking into account 62 years left we calculated the premium to the landlord to extend the lease to be between £21,900 and £25,200 exclusive of legals.