Owning a flat 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 prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Papworth Everard. Clearly, the period of lease remaining reduces over time. This may slip by relatively unnoticed when the flat or house needs to be disposed of or re-mortgaged. The shorter the lease the lower the value of the property and the more it will cost to procure a lease extension. Qualifying leaseholders in Papworth Everard have the right to extend the lease for an additional ninety years under Leasehold Reform legislation. You should give careful attention before putting off your Papworth Everard lease extension. Putting off that expense now likely increases the price you will ultimately have to pay to extend your lease
It is generally accepted that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| Skipton Building Society | |
| Virgin |
Lease extensions in Papworth Everard can be a difficult process. We recommend you secure professional help from a conveyancer and valuer well versed in the legislation and lease extension process.
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 Papworth Everard lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Oliver owned a 2 bedroom apartment in Papworth Everard on the market with a lease of a few days over fifty eight years left. Oliver on an informal basis contacted his freeholder being a well known Manchester-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £50 per annum. No ground rent would be due on a lease extension were Oliver to invoke his statutory right. Oliver obtained expert legal guidance and was able to make an informed decision and handle with the matter and readily saleable.
In 2013 we were approached by Ms K Turner who, having bought a purpose-built apartment in Papworth Everard in April 1999. The question was if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Identical flats in Papworth Everard with a long lease were valued about £176,200. The mid-range ground rent payable was £65 invoiced annually. The lease lapsed on 12 August 2082. Having 56 years unexpired we approximated the compensation to the landlord to extend the lease to be within £29,500 and £34,000 not including expenses.
Last Autumn we were approach by Mr and Mrs. A Lambert , who owned a basement flat in Papworth Everard in September 1995. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year lease extension. Similar premises in Papworth Everard with a long lease were in the region of £242,600. The average ground rent payable was £45 invoiced every twelve months. The lease ended on 27 February 2093. Given that there were 67 years remaining we approximated the premium to the freeholder for the lease extension to be between £11,400 and £13,200 plus costs.