Chances are that where you own a flat in Sheringham you actually own a long leasehold interest over your property
Leasehold premises in Sheringham with in excess of one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Coventry Building Society | |
| Leeds Building Society | |
| Skipton Building Society | |
| The Mortgage Works |
Lease extensions in Sheringham can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Sheringham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After unsuccessful negotiations with the landlord of her one bedroom flat in Sheringham, Mia initiated the lease extension process just as the lease was approaching the crucial 80-year mark. The lease extension completed in February 2009. The landlord’s charges were restricted to less than 650 GBP.
Last Spring we were approach by Mr and Mrs. W David , who bought a basement apartment in Sheringham in June 2007. We are asked if we could approximate the price would likely be to prolong the lease by a further 90 years. Comparable residencies in Sheringham with an extended lease were in the region of £235,200. The mid-range amount of ground rent was £45 billed annually. The lease came to a finish in 2092. Given that there were 66 years left we calculated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of legals.
In 2013 we were contacted by Mr and Mrs. A Adams who, having owned a studio apartment in Sheringham in March 1998. The question was if we could estimate the premium could be to prolong the lease by an additional years. Similar properties in Sheringham with 100 year plus lease were worth £280,000. The average ground rent payable was £55 billed yearly. The lease terminated in 2103. Given that there were 77 years unexpired we calculated the premium to the landlord for the lease extension to be within £13,300 and £15,400 plus costs.