Owning a flat usually means owning a lease of the property, which has a set term of years. your lease will normally be granted for a set period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Pickering. Inevitably, the period of lease left shortens as time goes by. This is often ignored and only becomes a problem when the residence needs to be disposed of or re-mortgaged. The fewer the years remaining the less it is worth and the more expensive it will be to procure a lease extension. Qualifying long lease owners in Pickering have the legal entitlement to extend the lease for a further ninety years under statute. Please give due attention before delaying your Pickering lease extension. Putting off that expense now only increases the price you will eventually have to pay to extend your lease
It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Halifax | |
| Nationwide Building Society | |
| Santander |
Lease extensions in Pickering can be a difficult process. We recommend you get professional help from a conveyancer 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 a wealth of experience procuring Pickering lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Logan, came very near to the 80-year mark with the lease on his purpose- built apartment in Pickering. Having bought his flat twenty years ago, the length of the lease was of little bearing. Luckily, it dawned on him that he would soon be paying way over the odds for a lease extension. Logan was able to extend his lease just under the wire last September. Logan and the freeholder subsequently agreed on sum of £6,000 . If the lease had descended to less than eighty years, the premium would have increased by at least £950.
In 2014 we were approached by Mr N Rogers who, having acquired a ground floor apartment in Pickering in November 1999. We are asked if we could approximate the premium would be for a 90 year lease extension. Similar premises in Pickering with a long lease were valued about £264,000. The mid-range amount of ground rent was £60 billed every twelve months. The lease ended in 2079. Having 53 years unexpired we approximated the compensation to the landlord for the lease extension to be within £37,100 and £42,800 plus professional charges.
In 2011 we were approached by Mr Archie Rose who, having moved into a studio apartment in Pickering in July 2000. We are asked if we could estimate the premium could be for a 90 year lease extension. Comparable flats in Pickering with a long lease were worth £225,400. The mid-range ground rent payable was £45 billed monthly. The lease termination date was on 13 August 2090. Having 64 years remaining we calculated the premium to the landlord to extend the lease to be within £15,200 and £17,600 exclusive of legals.