Shenley leases on residential deteriorating in value. if your lease has in the region of 90 years left, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for a lease extension to be in place before the term of the existing lease drops under 80 years - otherwise a higher amount will be payable. Flat owners in Shenley will mostly be legally entitled to a lease extension; however a solicitor should be able check if you qualify. In some situations you may not qualify. There are prescribed deadlines and formalities to follow once the process has commenced so it’s wise to be guided by a conveyancer during the process.
It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Yorkshire Building Society |
The lawyers that we work with handle Shenley 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.
Twenty four months ago Riley, came seriously close to the 80-year mark with the lease on his leasehold apartment in Shenley. In buying his home two decades ago, the lease term was of little interest. Luckily, he realised he would soon be paying way over the odds for a lease extension. Riley arranged for a lease extension at the eleventh hour in March. Riley and the freeholder in the end settled on the final figure of £5,000 . If the lease had dropped below eighty years, the amount would have gone up by a minimum £1,025.
In 2009 we were approached by Dr Samantha Bennett who, having purchased a studio apartment in Shenley in February 1999. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by a further 90 years. Comparative properties in Shenley with an extended lease were valued about £183,600. The mid-range amount of ground rent was £65 collected quarterly. The lease expiry date was on 28 February 2083. Having 57 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of costs.
An example of a Lease Extension matter before the tribunal for a Shenley residence is Ground Floor Maisonette 17 Milton Road in January 2014. The Tribunal determined the premium payable by the Applicant to the should be £13,299 This case was in relation to 1 flat. The unexpired residue of the current lease was 71.73 years.