Chances are that where you own a flat in Royston you actually own a long leasehold interest over your property
It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Godiva Mortgages | |
| Halifax | |
| Leeds Building Society | |
| National Westminster Bank |
Engaging our service will provide you enhanced control over the value of your Royston leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Alex was the the leasehold proprietor of a high value flat in Royston being marketed with a lease of just over sixty years left. Alex on an informal basis approached his freeholder being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £200 per annum. No ground rent would be payable on a lease extension were Alex to exercise his statutory right. Alex procured expert advice and was able to make an informed decision and deal with the matter and readily saleable.
Last year we were phoned by Mrs Robyn Brown , who acquired a garden apartment in Royston in October 2010. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Similar residencies in Royston with 100 year plus lease were in the region of £248,000. The mid-range amount of ground rent was £65 collected yearly. The lease end date was on 18 July 2089. Considering the 63 years outstanding we approximated the compensation to the landlord for the lease extension to be between £20,900 and £24,200 plus costs.
Dr M Edwards moved into a basement apartment in Royston in June 1995. The question was if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Comparable residencies in Royston with an extended lease were in the region of £184,000. The average amount of ground rent was £55 invoiced per annum. The lease elapsed in 2079. Considering the 53 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 not including expenses.