Shenstone leases on domestic deteriorating in value. Where your lease has about ninety years unexpired, you should start thinking about a lease extension. An important point to note is that it is desirable for the lease extension to be in place before the term of the existing lease drops below eighty years - otherwise a higher amount will be payable. Leasehold owners in Shenstone will mostly be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to check your eligibility. In some circumstances you may not be entitled. There are also strict timetables and formalities to follow once the process is initiated so it’s sensible to be guided by a conveyancing solicitor during the process.
It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| Leeds Building Society | |
| National Westminster Bank | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a freeholder in Shenstone,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Shenstone valuers.
Subsequent to lengthy discussions with the freeholder of her first floor flat in Shenstone, Sian commenced the lease extension process as the 80 year mark was rapidly coming. The legal work was finalised in July 2009. The landlord’s charges were restricted to below 600 GBP.
In 2012 we were approached by Dr Harrison Cook who, having bought a recently refurbished apartment in Shenstone in August 1997. The question was if we could estimate the premium could be for a 90 year lease extension. Similar residencies in Shenstone with 100 year plus lease were in the region of £223,400. The mid-range ground rent payable was £60 billed every twelve months. The lease elapsed in 2085. Having 59 years outstanding we estimated the premium to the landlord to extend the lease to be within £27,600 and £31,800 not including fees.
In 2013 we were contacted by Mrs Courtney Bailey who, having was assigned a lease of a ground floor apartment in Shenstone in August 1995. The dilemma was if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Similar residencies in Shenstone with an extended lease were valued around £205,000. The average ground rent payable was £50 collected every twelve months. The lease concluded on 27 September 2105. Having 79 years remaining we approximated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 not including costs.