Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will ordinarily be granted for a set period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Otley. Clearly, the period of lease left reduces as time goes by. This is often ignored and only becomes a problem when the residence has to be sold or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to extend the lease. Eligible leaseholders in Otley have the right to extend the lease for an additional ninety years under legislation. Please give careful attention before delaying your Otley lease extension. Holding off that expense now only increases the price you will eventually incur for a lease extension
It is conventional wisdom that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Coventry Building Society | |
| National Westminster Bank | |
| Santander | |
| Yorkshire Building Society |
Lease extensions in Otley can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer with experience in this area.
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 procuring Otley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Tommy was the the leasehold proprietor of a 2 bedroom apartment in Otley being sold with a lease of a few days over 72 years left. Tommy informally contacted his freeholder a well known Manchester-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 subject to a new rent to start with set at £100 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Tommy to invoke his statutory right. Tommy obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and readily saleable.
Mr and Mrs. R Evans was assigned a lease of a ground floor flat in Otley in January 1999. The question was if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Similar properties in Otley with 100 year plus lease were valued around £230,800. The average ground rent payable was £60 collected yearly. The lease finished on 27 April 2086. Given that there were 60 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £24,700 and £28,600 exclusive of fees.
Last Winter we were e-mailed by Mr and Mrs. M François , who bought a one bedroom flat in Otley in January 2004. We are asked if we could estimate the premium would be for a 90 year extension to my lease. Similar premises in Otley with an extended lease were in the region of £210,000. The mid-range amount of ground rent was £50 collected monthly. The lease terminated on 12 November 2106. Having 80 years remaining we approximated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of fees.