Chances are that where you own a flat in Llanallgo you actually own a long leasehold interest over your property
It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Halifax | |
| Nationwide Building Society | |
| The Mortgage Works |
Regardless of whether you are a tenant or a freeholder in Llanallgo,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Llanallgo valuers.
David owned a conversion flat in Llanallgo on the market with a lease of a few days over 72 years unexpired. David informally contacted his freeholder a well known London-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were David to exercise his statutory right. David obtained expert advice and secured satisfactory resolution informally and sell the flat.
Last month we were phoned by Mrs K Moreau , who was assigned a lease of a newly refurbished flat in Llanallgo in November 2007. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by a further 90 years. Comparative premises in Llanallgo with a long lease were worth £210,600. The average ground rent payable was £45 invoiced every twelve months. The lease lapsed in 2088. Given that there were 62 years outstanding we estimated the compensation to the landlord to extend the lease to be between £18,100 and £20,800 exclusive of fees.
Last year we were e-mailed by Mr and Mrs. K Anderson , who bought a garden apartment in Llanallgo in October 2012. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by ninety years. Similar residencies in Llanallgo with a long lease were in the region of £265,000. The mid-range ground rent payable was £50 invoiced quarterly. The lease elapsed in 2099. Having 73 years remaining we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of legals.