On the balance of probabilities where you own a flat in Norwich you actually own a long leasehold interest over your property
Leasehold residencies in Norwich with in excess of one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Virgin |
Regardless of whether you are a tenant or a freeholder in Norwich,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Norwich valuers.
Leo owned a conversion apartment in Norwich being sold with a lease of just over fifty eight years left. Leo informally contacted his landlord a well known London-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £50 annually. No ground rent would be payable on a lease extension were Leo to invoke his statutory right. Leo procured expert advice and secured an acceptable deal without resorting to tribunal and readily saleable.
Last Christmas we were e-mailed by Mrs C Hill , who took over the lease of a ground floor flat in Norwich in April 2001. The question was if we could estimate the premium would likely be to extend the lease by an additional years. Similar homes in Norwich with an extended lease were valued around £206,200. The average ground rent payable was £60 billed yearly. The lease expired in 2082. Taking into account 56 years as a residual term we calculated the premium to the landlord for the lease extension to be within £31,400 and £36,200 exclusive of costs.
In 2011 we were phoned by Mr and Mrs. V Jones who, having was assigned a lease of a first floor apartment in Norwich in January 2010. We are asked if we could estimate the price could be to extend the lease by ninety years. Comparative residencies in Norwich with an extended lease were valued around £300,000. The average amount of ground rent was £50 invoiced quarterly. The lease finished in 2102. Considering the 76 years remaining we calculated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 not including legals.