Repton leases on residential deteriorating in value. Where your lease has about ninety years remaining, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for the lease extension to be in place before the term of the current lease dips under 80 years - otherwise a higher premium will be payable. Flat owners in Repton will usually qualify for a lease extension; however it’s a good idea to check with a conveyancer to confirm if you qualify. In some situations you may not be entitled. There are prescribed timetables and procedures to comply with once the process is triggered so it’s wise to be guided by a conveyancer during the process.
Leasehold premises in Repton with over 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Santander | |
| TSB | |
| The Mortgage Works |
Lease extensions in Repton can be a difficult process. We recommend you procure guidance from a lawyer and surveyor 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 a wealth of experience dealing with Repton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Leon owned a 2 bedroom flat in Repton being sold with a lease of a little over 61 years unexpired. Leon on an informal basis contacted his landlord being a well known London-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 an increased rent to £100 per annum. Ordinarily, ground rent would not be due on a lease extension were Leon to exercise his statutory right. Leon procured expert advice and secured an acceptable resolution informally and sell the flat.
In 2010 we were phoned by Mr and Mrs. F Laurent who, having owned a recently refurbished apartment in Repton in April 2005. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable properties in Repton with a long lease were worth £235,200. The mid-range ground rent payable was £45 billed annually. The lease expired in 2092. Taking into account 66 years remaining we estimated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including legals.
In 2009 we were called by Dr Finley Ward who, having took over the lease of a one bedroom flat in Repton in July 2008. The question was if we could estimate the premium would likely be for a 90 year lease extension. Comparative homes in Repton with a long lease were worth £275,000. The mid-range amount of ground rent was £55 collected monthly. The lease concluded in 2103. Taking into account 77 years left we calculated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 plus expenses.