Chances are that if you own a flat in Quedgeley you actually own a long leasehold interest over your property
It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 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 | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Quedgeley can be a difficult process. We recommend you obtain professional help from a conveyancer 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 in-depth market knowledge dealing with Quedgeley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Alex was the the leasehold owner of a 2 bedroom flat in Quedgeley on the market with a lease of fraction over 61 years left. Alex on an informal basis spoke with his freeholder being a well known local-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 per annum. Ordinarily, ground rent would not be payable on a lease extension were Alex to invoke his statutory right. Alex obtained expert advice and was able to make an informed judgement and deal with the matter and ending up with a market value flat.
In 2013 we were e-mailed by Mr A Bertrand who, having bought a newly refurbished flat in Quedgeley in November 1996. The question was if we could approximate the premium would be for a ninety year extension to my lease. Comparable flats in Quedgeley with a long lease were in the region of £176,200. The mid-range amount of ground rent was £65 invoiced quarterly. The lease finished on 7 September 2081. Taking into account 56 years outstanding we calculated the compensation to the landlord to extend the lease to be within £29,500 and £34,000 plus costs.
Mr and Mrs. V Díaz moved into a studio flat in Quedgeley in November 1999. The dilemma was if we could approximate the compensation to the landlord would be for a ninety year lease extension. Comparative flats in Quedgeley with 100 year plus lease were in the region of £237,600. The mid-range amount of ground rent was £45 collected every twelve months. The lease finished in 2092. Having 67 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £11,400 and £13,200 exclusive of fees.