Owning a apartment usually means owning a lease of the property, which has a finite term of years. This lease will normally be granted for a fixed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Miskin. Inevitably, the period of lease left shortens as time goes by. This is often ignored and only raises itself as an issue when the residence has to be disposed of or refinanced. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Qualifying long lease owners in Miskin have the right to extend the lease for an additional ninety years in accordance with statute. Please give careful deliberation before delaying your Miskin lease extension. Putting off the cost now only increases the price you will ultimately incur to extend your lease
Leasehold properties in Miskin with in excess of 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Coventry Building Society | |
| Nationwide Building Society | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a freeholder in Miskin,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Miskin valuers.
Owen was the the leasehold proprietor of a conversion apartment in Miskin being marketed with a lease of a little over fifty eight years outstanding. Owen on an informal basis contacted his landlord a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £150 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Owen to exercise his statutory right. Owen procured expert legal guidance and secured an acceptable resolution without going to tribunal and sell the flat.
In 2014 we were approached by Mr and Mrs. D Ricardo who, having completed a basement flat in Miskin in November 2001. The dilemma was if we could approximate the price would be for a 90 year lease extension. Identical flats in Miskin with an extended lease were in the region of £198,800. The mid-range amount of ground rent was £55 collected quarterly. The lease terminated on 11 August 2081. Considering the 55 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £33,300 and £38,400 plus fees.
Last Spring we were phoned by Dr M Mason , who purchased a basement flat in Miskin in January 2000. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by ninety years. Comparative flats in Miskin with a long lease were valued around £300,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease finished on 11 November 2101. Having 75 years unexpired we approximated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of expenses.