Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will ordinarily be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Miles Platting. Inevitably, the term of lease remaining reduces over time. This is often overlooked and only raises itself as an issue when the residence needs to be sold or re-mortgaged. The fewer the years remaining the less it is worth and the more it will cost to extend the lease. Eligible leaseholders in Miles Platting have the legal entitlement to extend the lease for an additional ninety years under legislation. You should give careful consideration before delaying your Miles Platting lease extension. Holding off that expense now simply increases the price you will ultimately have to pay to extend your lease
Leasehold residencies in Miles Platting with in excess of 100 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 property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Godiva Mortgages | |
| TSB | |
| Royal Bank of Scotland |
Retaining our service gives you increased control over the value of your Miles Platting leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Adam owned a studio apartment in Miles Platting on the market with a lease of a little over 61 years remaining. Adam on an informal basis contacted his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Adam to invoke his statutory right. Adam obtained expert advice and was able to make an informed decision and deal with the matter and ending up with a market value flat.
Last Summer we were contacted by Dr M Moreau , who completed a garden flat in Miles Platting in June 2011. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Similar residencies in Miles Platting with 100 year plus lease were in the region of £285,000. The average ground rent payable was £55 invoiced monthly. The lease ran out on 21 November 2105. Considering the 79 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 exclusive of legals.
Mr and Mrs. V White moved into a garden flat in Miles Platting in September 2008. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year extension to my lease. Comparative properties in Miles Platting with a long lease were valued about £193,400. The average amount of ground rent was £65 invoiced annually. The lease terminated in 2085. Taking into account 59 years left we approximated the premium to the landlord to extend the lease to be within £21,900 and £25,200 exclusive of costs.