On the balance of probabilities if you own a flat in Longhope you actually own a long leasehold interest over your property
It is generally considered that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Barclays plc | |
| Santander | |
| Royal Bank of Scotland |
Engaging our service will provide you increased control over the value of your Longhope leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of unsuccessful correspondence with the landlord of her two bedroom apartment in Longhope, Leah commenced the lease extension process as the eighty year threshold was rapidly advancing. The lease extension was concluded in January 2008. The freeholder’s costs were negotiated to a tad over 550 GBP.
Last Christmas we were called by Ms Rebecca Leroy , who was assigned a lease of a studio flat in Longhope in September 2003. The dilemma was if we could estimate the price could be for a 90 year lease extension. Comparative premises in Longhope with 100 year plus lease were valued around £285,000. The average amount of ground rent was £45 billed yearly. The lease elapsed in 2097. Having 71 years left we approximated the premium to the landlord to extend the lease to be between £12,400 and £14,200 plus costs.
Last Winter we were approach by Mr Daniel Bell , who was assigned a lease of a one bedroom apartment in Longhope in April 2001. The question was if we could shed any light on how much (approximately) premium would be for a ninety year extension to my lease. Comparative residencies in Longhope with 100 year plus lease were in the region of £225,800. The mid-range ground rent payable was £60 invoiced quarterly. The lease ran out in 2086. Taking into account 60 years remaining we calculated the compensation to the freeholder for the lease extension to be between £23,800 and £27,400 plus legals.