Shirenewton leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Most owners of residential leasehold property in Shirenewton enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Shirenewton you must see if your lease has between 70 and 90 years left. There are compelling reasons why a Shirenewton flat owner with a lease having around 80 years unexpired should take steps to make sure that a lease extension is effected without delay
Leasehold residencies in Shirenewton with over 100 years left on the lease are sometimes regarded as a ‘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 buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Halifax | |
| Santander | |
| Yorkshire Building Society |
Using our service gives you better control over the value of your Shirenewton leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Jake was the the leasehold owner of a 2 bedroom apartment in Shirenewton on the market with a lease of just over 59 years unexpired. Jake on an informal basis contacted his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £200 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Jake to exercise his statutory right. Jake obtained expert legal guidance and secured satisfactory deal without going to tribunal and readily saleable.
Last Christmas we were called by Mr Benjamin Edwards , who bought a newly refurbished apartment in Shirenewton in October 2008. The dilemma was if we could estimate the price would be to prolong the lease by an additional years. Identical residencies in Shirenewton with 100 year plus lease were worth £174,200. The mid-range amount of ground rent was £55 invoiced monthly. The lease ended on 7 January 2077. Taking into account 51 years remaining we estimated the premium to the landlord for the lease extension to be within £31,400 and £36,200 exclusive of expenses.
Last Autumn we were approach by Dr Ashleigh Díaz , who completed a basement apartment in Shirenewton in June 2005. We are asked if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Similar homes in Shirenewton with 100 year plus lease were in the region of £285,000. The average ground rent payable was £45 collected monthly. The lease termination date was in 2097. Taking into account 71 years outstanding we approximated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 not including expenses.