The only way is down when it comes to Portsmouth lease terms. Portsmouth flats that have a remaining term shorter than eighty years will reduce in market price even faster, and the cost of extending your lease will rise.
It is generally considered that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Coventry Building Society | |
| National Westminster Bank | |
| Santander | |
| Virgin |
The conveyancers that we work with procure Portsmouth lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Trailing unsuccessful correspondence with the landlord of her first floor apartment in Portsmouth, Abbie initiated the lease extension process just as her lease was nearing the critical 80-year deadline. The lease extension was concluded in August 2005. The freeholder’s costs were kept to an absolute minimum.
Mr and Mrs. E González was assigned a lease of a garden flat in Portsmouth in July 2011. The dilemma was if we could shed any light on how much (approximately) price would likely be for a ninety year lease extension. Comparable residencies in Portsmouth with a long lease were in the region of £232,800. The average amount of ground rent was £45 invoiced yearly. The lease termination date was in 2091. Having 65 years left we estimated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 not including expenses.
In 2011 we were called by Mr Kai Young who, having moved into a purpose-built apartment in Portsmouth in June 2005. The question was if we could estimate the price would be to prolong the lease by 90 years. Similar homes in Portsmouth with 100 year plus lease were in the region of £275,000. The average ground rent payable was £55 collected yearly. The lease finished in 2102. Taking into account 76 years remaining we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus costs.