Sedbergh 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 your lease gets more expensive. Most owners of residential leasehold property in Sedbergh enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Sedbergh you really ought to see if your lease has between 70 and ninety years remaining. There are compelling reasons why a Sedbergh flat owner with a lease having around 80 years left should take action to make sure that a lease extension is actioned without delay
It is generally considered that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Halifax | |
| Nationwide Building Society | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
The conveyancers that we work with undertake Sedbergh lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
After lengthy negotiations with the freeholder of her leasehold apartment in Sedbergh, Melissa started the lease extension process just as the lease was coming close to the all-important eighty-year threshold. The legal work completed in January 2013. The landlord’s fees were negotiated to slightly above 650 GBP.
In 2011 we were e-mailed by Mr and Mrs. B Robinson who, having acquired a one bedroom flat in Sedbergh in August 2005. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year lease extension. Similar properties in Sedbergh with an extended lease were worth £246,800. The average amount of ground rent was £60 collected quarterly. The lease end date was in 2076. Having 50 years remaining we estimated the premium to the freeholder for the lease extension to be within £44,700 and £51,600 exclusive of expenses.
Last Autumn we were contacted by Dr I King , who was assigned a lease of a newly refurbished apartment in Sedbergh in June 1998. The question was if we could approximate the compensation to the landlord could be to prolong the lease by a further 90 years. Identical premises in Sedbergh with an extended lease were in the region of £208,200. The mid-range ground rent payable was £65 invoiced every twelve months. The lease terminated in 2087. Given that there were 61 years remaining we approximated the premium to the freeholder for the lease extension to be within £19,000 and £22,000 exclusive of professional charges.