Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Long Melford. Clearly, the term of lease remaining reduces as time goes by. This is often ignored and only becomes a problem when the flat or house needs to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Eligible leaseholders in Long Melford have the legal entitlement to extend the lease for an additional 90 years in accordance with the 1993 Leasehold Reform Act. Please give careful consideration before delaying your Long Melford lease extension. Holding off that expense now simply increases the price you will eventually incur to extend your lease
It is generally accepted that a property with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Leeds Building Society | |
| Skipton Building Society | |
| Royal Bank of Scotland |
Lease extensions in Long Melford can be a difficult process. We recommend you get professional help from a lawyer and surveyor with experience in this area.
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 Long Melford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following unsuccessful discussions with the landlord of her studio apartment in Long Melford, Kayleigh initiated the lease extension process as the 80 year threshold was quickly nearing. The lease extension was concluded in April 2015. The landlord’s charges were kept to an absolute minimum.
Last Summer we were contacted by Mr and Mrs. K Collins , who owned a garden flat in Long Melford in June 2010. The dilemma was if we could approximate the compensation to the landlord would be for a 90 year lease extension. Identical premises in Long Melford with 100 year plus lease were valued about £270,000. The average ground rent payable was £55 billed every twelve months. The lease terminated in 2101. Given that there were 75 years outstanding we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 not including expenses.
Ms A King moved into a recently refurbished apartment in Long Melford in November 2003. The question was if we could approximate the premium could be to extend the lease by an additional years. Identical residencies in Long Melford with an extended lease were worth £168,800. The average amount of ground rent was £60 billed annually. The lease terminated in 2081. Given that there were 55 years unexpired we estimated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 plus costs.