On the balance of probabilities where you own a flat in Sandy you actually own a long leasehold interest over your property
Leasehold residencies in Sandy with more than one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Coventry Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Skipton Building Society |
Lease extensions in Sandy can be a difficult process. We recommend you procure guidance from a conveyancer and valuer with experience in this area.
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 procuring Sandy lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Stanley was the the leasehold owner of a high value apartment in Sandy on the market with a lease of a few days over sixty years remaining. Stanley on an informal basis approached his freeholder a well known London-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £50 per annum. No ground rent would be due on a lease extension were Stanley to exercise his statutory right. Stanley obtained expert legal guidance and secured satisfactory resolution without going to tribunal and readily saleable.
Last Christmas we were called by Ms Leah Jackson , who completed a basement flat in Sandy in March 2012. The question was if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by an additional years. Similar homes in Sandy with a long lease were worth £242,600. The average amount of ground rent was £45 invoiced monthly. The lease lapsed in 2093. Given that there were 67 years left we calculated the compensation to the landlord for the lease extension to be between £11,400 and £13,200 exclusive of fees.
In 2009 we were e-mailed by Mrs Emma Phillips who, having purchased a one bedroom apartment in Sandy in July 2007. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by 90 years. Similar homes in Sandy with an extended lease were valued about £280,000. The average ground rent payable was £55 collected quarterly. The lease elapsed in 2104. Having 78 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 plus professional charges.