For those whose Niton flat is held on a long lease, our message is clear – if you ignore the situation, your property will eventually revert to the freeholder, leaving you empty-handed. The fewer the years remaining the less it is worth and the more it will cost to obtain a lease extension.
It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Santander | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a landlord in Niton,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Niton valuers.
In the wake of 6 months of lengthy correspondence with the freeholder of her two bedroom apartment in Niton, Harriet started the lease extension process as the eighty year deadline was quickly nearing. The legal work was concluded in February 2011. The freeholder’s costs were kept to an absolute minimum.
Mr Michael Miller moved into a studio apartment in Niton in July 1998. The dilemma was if we could estimate the price could be to extend the lease by 90 years. Comparable flats in Niton with a long lease were valued about £198,800. The average ground rent payable was £55 invoiced annually. The lease terminated on 27 August 2081. Taking into account 55 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £33,300 and £38,400 plus costs.
Mr and Mrs. K Rose moved into a first floor apartment in Niton in October 2011. The question was if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year extension to my lease. Comparative flats in Niton with an extended lease were valued around £295,000. The mid-range ground rent payable was £45 billed quarterly. The lease came to a finish on 1 November 2101. Given that there were 75 years left we calculated the premium to the landlord to extend the lease to be within £8,600 and £9,800 plus fees.