On the balance of probabilities if you own a flat in Quorn you actually own a long leasehold interest over your property
It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Coventry Building Society | |
| Nationwide Building Society | |
| Royal Bank of Scotland |
Engaging our service gives you increased control over the value of your Quorn leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Owen was the the leasehold owner of a 2 bedroom flat in Quorn on the market with a lease of a little over fifty eight years left. Owen on an informal basis approached his landlord being a well known London-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Owen to exercise his statutory right. Owen procured expert advice and secured an acceptable deal informally and sell the property.
Last Summer we were e-mailed by Ms Lily Jackson , who was assigned a lease of a garden apartment in Quorn in March 2000. We are asked if we could estimate the price would be to prolong the lease by ninety years. Comparative premises in Quorn with 100 year plus lease were worth £285,000. The average amount of ground rent was £45 collected every twelve months. The lease ran out on 5 April 2097. Given that there were 71 years left we estimated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of professional charges.
Ms G Martin was assigned a lease of a one bedroom flat in Quorn in October 2008. The question was if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Comparable flats in Quorn with a long lease were valued around £225,800. The average ground rent payable was £60 invoiced annually. The lease came to a finish in 2086. Taking into account 60 years remaining we calculated the premium to the freeholder to extend the lease to be within £23,800 and £27,400 exclusive of professional charges.