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 come across longer and shorter terms in Pudsey. Clearly, the period of lease remaining shortens as time goes by. This is often ignored and only becomes a problem when the property has 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 Pudsey have the right to extend the lease for a further ninety years in accordance with the 1993 Leasehold Reform Act. Do give careful deliberation before delaying your Pudsey lease extension. Putting off that expense now likely increases the price you will ultimately have to pay for a lease extension
Leasehold residencies in Pudsey with more than one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Santander | |
| Yorkshire Building Society |
Lease extensions in Pudsey can be a difficult process. We recommend you procure professional help from a conveyancing solicitor 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 a wealth of experience procuring Pudsey lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Toby owned a 2 bedroom flat in Pudsey on the market with a lease of fraction over 61 years unexpired. Toby informally contacted his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Toby to invoke his statutory right. Toby procured expert legal guidance and secured satisfactory deal without going to tribunal and readily saleable.
Mr and Mrs. I Pérez acquired a studio apartment in Pudsey in January 2006. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by a further 90 years. Similar flats in Pudsey with a long lease were in the region of £220,400. The average amount of ground rent was £45 invoiced per annum. The lease expired on 27 January 2090. Given that there were 64 years left we calculated the compensation to the landlord to extend the lease to be between £15,200 and £17,600 not including legals.
Dr C Turner took over the lease of a basement apartment in Pudsey in May 2001. We are asked if we could approximate the price could be for a ninety year lease extension. Similar properties in Pudsey with a long lease were valued about £270,000. The mid-range ground rent payable was £55 billed quarterly. The lease lapsed on 25 September 2100. Taking into account 74 years left we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 not including fees.