Chances are that where you own a flat in North Shields you actually own a long leasehold interest over your property
Leasehold premises in North Shields with over one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Halifax |
Lease extensions in North Shields can be a difficult process. We recommend you get guidance from a conveyancing solicitor 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 a wealth of experience dealing with North Shields lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Joshua owned a high value flat in North Shields on the market with a lease of just over 61 years remaining. Joshua on an informal basis contacted his freeholder being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £50 per annum. Ordinarily, ground rent would not be due on a lease extension were Joshua to invoke his statutory right. Joshua obtained expert legal guidance and secured satisfactory deal informally and readily saleable.
Last month we were called by Mr D Morel , who bought a one bedroom flat in North Shields in November 2010. The question was if we could approximate the price would be to prolong the lease by an additional years. Comparative homes in North Shields with 100 year plus lease were in the region of £191,000. The mid-range ground rent payable was £65 billed every twelve months. The lease ended in 2084. Having 58 years left we estimated the compensation to the landlord to extend the lease to be within £23,800 and £27,400 not including fees.
Last Summer we were e-mailed by Mr and Mrs. H Taylor , who completed a purpose-built flat in North Shields in June 2003. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Comparative flats in North Shields with an extended lease were valued about £250,000. The mid-range amount of ground rent was £50 collected quarterly. The lease finished in 2095. Given that there were 69 years remaining we calculated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus fees.