Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will normally be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Paulton. Clearly, the length of lease left reduces over time. This may slip by relatively unnoticed when the flat or house needs to be disposed of or re-mortgaged. The fewer the years remaining the lower the value of the property and the more expensive it will be to obtain a lease extension. Qualifying leaseholders in Paulton have the legal entitlement to extend the lease for an additional ninety years under legislation. You should give due deliberation before delaying your Paulton lease extension. Putting off that expense now only increases the price you will ultimately incur to extend your lease
It is conventional wisdom that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Nationwide Building Society | |
| Royal Bank of Scotland |
Lease extensions in Paulton can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer 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 Paulton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Twenty four months ago Charlie, came precariously close to the eighty-year mark with the lease on his leasehold apartment in Paulton. In buying his home two decades ago, the lease term was of no interest. As luck would have it, he recognised he would soon be paying way over the odds for Extending the lease. Charlie arranged for a lease extension just ahead of time last January. Charlie and the landlord subsequently settled on a premium of £5,500 . If the lease had slipped lower than eighty years, the sum would have gone up by at least £850.
Mr and Mrs. M Alexander purchased a recently refurbished apartment in Paulton in August 2000. The question was if we could shed any light on how much (roughly) premium would be for a ninety year lease extension. Comparative homes in Paulton with an extended lease were valued around £245,000. The mid-range amount of ground rent was £50 invoiced yearly. The lease expiry date was on 7 February 2094. Considering the 68 years left we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.
In 2011 we were phoned by Mrs V Sánchez who, having completed a one bedroom apartment in Paulton in March 2009. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year lease extension. Comparable residencies in Paulton with 100 year plus lease were in the region of £285,000. The average amount of ground rent was £55 billed every twelve months. The lease elapsed in 2105. Having 79 years remaining we estimated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 plus expenses.