Owning a flat usually means owning a lease of the property, which has a finite term of years. The lease will normally be granted for a fixed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Long Stratton. Inevitably, the length of lease remaining shortens as time goes by. This may pass by relatively unnoticed when the flat or house needs to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more it will cost to procure a lease extension. Eligible leaseholders in Long Stratton have the right to extend the lease for an additional ninety years under legislation. Do give careful attention before delaying your Long Stratton lease extension. Putting off that expense now simply increases the price you will ultimately incur to extend your lease
Leasehold premises in Long Stratton with more than one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Halifax | |
| Leeds Building Society | |
| Yorkshire Building Society |
Lease extensions in Long Stratton can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer 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 Long Stratton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Charlie owned a conversion flat in Long Stratton on the market with a lease of fraction over 72 years unexpired. Charlie on an informal basis spoke with his landlord a well known local-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £100 annually. Ordinarily, ground rent would not be payable on a lease extension were Charlie to invoke his statutory right. Charlie procured expert legal guidance and secured an acceptable deal informally and sell the flat.
Last month we were contacted by Dr P Moreau , who took over the lease of a first floor flat in Long Stratton in March 2007. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Comparable residencies in Long Stratton with an extended lease were worth £198,800. The average ground rent payable was £55 invoiced per annum. The lease finished in 2081. Taking into account 55 years left we approximated the compensation to the freeholder to extend the lease to be within £33,300 and £38,400 exclusive of costs.
Mr I Davies completed a basement apartment in Long Stratton in May 2005. The dilemma was if we could approximate the price would likely be for a ninety year extension to my lease. Comparative homes in Long Stratton with an extended lease were valued about £295,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease finished on 14 October 2101. Having 75 years unexpired we estimated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of fees.