Shepshed leases on residential deteriorating in value. Where your lease has about 90 years remaining, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease dips below this level then you start incurring an additional element called marriage value. Leasehold owners in Shepshed will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to confirm if you qualify. In certain circumstances you may not qualify. There are prescribed deadlines and procedures to comply with once the process is triggered so it’s best to be guided by a conveyancer during the process.
Leasehold properties in Shepshed with more than one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| National Westminster Bank | |
| Skipton Building Society | |
| TSB | |
| Royal Bank of Scotland |
Engaging our service will provide you better control over the value of your Shepshed leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Following lengthy discussions with the freeholder of her first floor flat in Shepshed, Chantelle started the lease extension process just as the lease was coming close to the critical eighty-year mark. The transaction was finalised in February 2015. The freeholder’s fees were kept to an absolute minimum.
Dr A Bertrand bought a garden apartment in Shepshed in May 2003. The dilemma was if we could shed any light on how much (roughly) price could be to extend the lease by 90 years. Comparable premises in Shepshed with 100 year plus lease were worth £300,000. The mid-range amount of ground rent was £50 billed yearly. The lease finished on 4 August 2102. Taking into account 76 years unexpired we calculated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of fees.
In 2011 we were e-mailed by Ms Amy Turner who, having purchased a one bedroom apartment in Shepshed in May 2007. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparative premises in Shepshed with a long lease were valued about £257,800. The average ground rent payable was £65 invoiced per annum. The lease elapsed in 2091. Having 65 years remaining we calculated the premium to the freeholder to extend the lease to be within £18,100 and £20,800 not including professional charges.