Navenby leases on domestic deteriorating in value. Where your lease has approximately ninety years unexpired, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for a lease extension to take place before the term of the existing lease falls lower than 80 years - otherwise a higher premium will be payable. Flat owners in Navenby will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancer to check if you qualify. In certain circumstances you may not qualify. There are prescribed deadlines and steps to follow once the process has commenced so it’s wise to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Godiva Mortgages | |
| Halifax | |
| Santander |
Lease extensions in Navenby can be a difficult process. We recommend you procure professional help from a lawyer and surveyor with experience in lease extensions.
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 Navenby lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Omar owned a studio flat in Navenby being marketed with a lease of fraction over fifty eight years unexpired. Omar on an informal basis contacted his landlord a well known London-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £200 annually. No ground rent would be payable on a lease extension were Omar to invoke his statutory right. Omar procured expert advice and secured satisfactory deal informally and readily saleable.
Last Christmas we were contacted by Ms Sian Smith , who was assigned a lease of a first floor apartment in Navenby in October 2011. We are asked if we could approximate the price would likely be for a ninety year extension to my lease. Similar properties in Navenby with 100 year plus lease were in the region of £295,000. The average amount of ground rent was £45 invoiced annually. The lease ran out on 23 June 2101. Given that there were 75 years unexpired we estimated the premium to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of expenses.
In 2012 we were contacted by Mrs S Murphy who, having acquired a studio apartment in Navenby in April 1997. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year lease extension. Comparative flats in Navenby with 100 year plus lease were valued around £250,400. The mid-range ground rent payable was £65 billed monthly. The lease finished in 2090. Taking into account 64 years unexpired we estimated the compensation to the landlord for the lease extension to be within £19,000 and £22,000 not including fees.