Chances are that where you own a flat in Rawdon and Yeadon you actually own a long leasehold interest over your property
Leasehold premises in Rawdon and Yeadon with in excess of one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Godiva Mortgages | |
| Leeds Building Society | |
| TSB | |
| The Mortgage Works |
Retaining our service gives you enhanced control over the value of your Rawdon and Yeadon leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Hunter owned a studio apartment in Rawdon and Yeadon on the market with a lease of a little over 61 years unexpired. Hunter on an informal basis contacted his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £100 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Hunter to exercise his statutory right. Hunter obtained expert advice and secured satisfactory resolution without resorting to tribunal and ending up with a market value flat.
Dr I Peterson purchased a studio flat in Rawdon and Yeadon in May 2007. The dilemma was if we could approximate the premium would be for a ninety year extension to my lease. Similar residencies in Rawdon and Yeadon with an extended lease were in the region of £300,000. The mid-range amount of ground rent was £50 billed per annum. The lease ran out in 2102. Considering the 76 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 plus expenses.
Ms F Hall owned a purpose-built flat in Rawdon and Yeadon in February 2009. The dilemma was if we could approximate the price would be for a ninety year lease extension. Comparable residencies in Rawdon and Yeadon with a long lease were valued about £252,800. The mid-range ground rent payable was £65 invoiced annually. The lease concluded on 2 November 2091. Having 65 years remaining we calculated the premium to the freeholder for the lease extension to be between £17,100 and £19,800 not including fees.