Chances are that if you own a flat in Redland you actually own a long leasehold interest over your property
It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Leeds Building Society | |
| Skipton Building Society | |
| The Mortgage Works | |
| Royal Bank of Scotland | |
| Virgin |
The lawyers that we work with procure Redland 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 conveyancing solicitor we work with provide it.
During the course of the last few months Aarav, started to get close to the 80-year mark with the lease on his garden apartment in Redland. In buying his home two decades ago, the lease term was of no concern. Fortunately, he realised he needed to take steps soon on Extending the lease. Aarav was able to extend his lease at the eleventh hour last September. Aarav and the landlord who owned the flat above eventually settled on an amount of £5,000 . If the lease had gone below 80 years, the figure would have escalated by at least £1,150.
Last year we were contacted by Dr Danielle Girard , who moved into a first floor flat in Redland in January 1995. We are asked if we could approximate the price would likely be for a 90 year lease extension. Comparative residencies in Redland with a long lease were valued around £260,000. The average amount of ground rent was £50 billed quarterly. The lease came to a finish on 2 March 2098. Taking into account 72 years remaining we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including professional charges.
Last Christmas we were contacted by Mr C Miller , who bought a recently refurbished flat in Redland in September 1999. We are asked if we could estimate the premium would be to extend the lease by ninety years. Comparative properties in Redland with a long lease were worth £256,600. The mid-range ground rent payable was £60 invoiced monthly. The lease ran out in 2078. Considering the 52 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £39,000 and £45,000 plus fees.