Salisbury leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. The majority of owners of residential leasehold property in Salisbury enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Salisbury you should investigate if your lease has between 70 and 90 years remaining. There are compelling reasons why a Salisbury leaseholder with a lease having around eighty years unexpired should take steps to ensure that a lease extension is effected without delay
Leasehold residencies in Salisbury with in excess of 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Halifax | |
| Leeds Building Society | |
| Skipton Building Society | |
| Royal Bank of Scotland |
Irrespective of whether you are a tenant or a landlord in Salisbury,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Salisbury valuers.
Off the back of unsuccessful negotiations with the landlord of her basement flat in Salisbury, Elizabeth commenced the lease extension process as the eighty year threshold was fast nearing. The legal work was concluded in July 2006. The freeholder’s fees were kept to an absolute minimum.
Mr and Mrs. U Norbert moved into a studio apartment in Salisbury in November 1999. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by an additional years. Similar residencies in Salisbury with an extended lease were in the region of £218,400. The mid-range ground rent payable was £60 billed quarterly. The lease finished on 24 April 2085. Considering the 59 years left we estimated the compensation to the landlord to extend the lease to be between £27,600 and £31,800 plus professional charges.
In 2013 we were contacted by Mr and Mrs. P Adams who, having took over the lease of a garden flat in Salisbury in June 2005. The dilemma was if we could estimate the premium could be to extend the lease by a further 90 years. Similar homes in Salisbury with a long lease were worth £205,000. The mid-range amount of ground rent was £50 invoiced yearly. The lease expired on 3 September 2105. Taking into account 79 years left we estimated the premium to the freeholder to extend the lease to be between £7,600 and £8,800 plus fees.