Northallerton leases on domestic deteriorating in value. Where your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. An important point to note is that it is financially advisable for your lease extension to be in place before the term of the existing lease falls below eighty years - otherwise a higher premium will be payable. Flat owners in Northallerton will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancer to check if you qualify. In some situations you may not qualify. There are prescribed timetables and formalities to follow once the process is initiated so it’s prudent to be guided by a lawyer during the process.
Leasehold residencies in Northallerton with over 100 years unexpired on the lease are sometimes referred to as ‘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 purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| Halifax | |
| Skipton Building Society | |
| Virgin |
Using our service gives you enhanced control over the value of your Northallerton leasehold, as your property will be more valuable and saleable in terms 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.
Subsequent to protracted discussions with the freeholder of her one bedroom apartment in Northallerton, Rachael initiated the lease extension process as the eighty year deadline was fast nearing. The lease extension was concluded in January 2011. The landlord’s fees were negotiated to slightly above 600 GBP.
In 2013 we were phoned by Dr E Ward who, having acquired a ground floor apartment in Northallerton in March 2001. We are asked if we could estimate the price could be for a ninety year lease extension. Identical flats in Northallerton with an extended lease were in the region of £285,000. The average ground rent payable was £45 collected annually. The lease concluded on 8 January 2097. Given that there were 71 years left we calculated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 plus costs.
Last October we were approach by Dr K Lee , who purchased a garden flat in Northallerton in January 2009. The dilemma was if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Similar flats in Northallerton with a long lease were worth £230,800. The average amount of ground rent was £60 billed monthly. The lease came to a finish on 5 November 2086. Taking into account 60 years remaining we calculated the compensation to the landlord for the lease extension to be within £24,700 and £28,600 not including fees.