Sandy leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Legislation has been in place for sometime now which entitles qualifying Sandy residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Sandy you should see if your lease has between seventy and 90 years remaining. There are compelling reasons why a Sandy leaseholder with a lease having around eighty years unexpired should take action to make sure that a lease extension is effected without delay
It is generally considered that a residential leasehold with over one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| Coventry Building Society |
Regardless of whether you are a tenant or a landlord in Sandy,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 in-depth market knowledge and the close ties they enjoy with Sandy valuers.
After protracted discussions with the freeholder of her ground floor flat in Sandy, Harriet commenced the lease extension process just as the lease was coming close to the all-important eighty-year threshold. The legal work completed in May 2014. The freeholder’s costs were restricted to approximately 550 pounds.
Mr Harrison Rivera completed a studio flat in Sandy in March 2003. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by 90 years. Identical properties in Sandy with an extended lease were valued about £193,400. The mid-range amount of ground rent was £65 billed quarterly. The lease ended in 2085. Having 59 years left we calculated the compensation to the landlord for the lease extension to be within £21,900 and £25,200 exclusive of legals.
In 2011 we were approached by Dr Toby Howard who, having completed a purpose-built apartment in Sandy in November 1996. We are asked if we could estimate the price would be to prolong the lease by a further 90 years. Comparable homes in Sandy with an extended lease were valued around £255,000. The average amount of ground rent was £50 collected every twelve months. The lease concluded on 11 May 2096. Given that there were 70 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including fees.