Chances are that where you own a flat in Sidmouth you actually own a long leasehold interest over your property
Leasehold premises in Sidmouth with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Leeds Building Society | |
| National Westminster Bank | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a landlord in Sidmouth,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Sidmouth valuers.
Alexander owned a studio apartment in Sidmouth on the market with a lease of fraction over sixty years left. Alexander on an informal basis approached his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £50 annually. Ordinarily, ground rent would not be payable on a lease extension were Alexander to exercise his statutory right. Alexander procured expert advice and was able to make an informed decision and deal with the matter and readily saleable.
Ms Stephanie Dupont bought a one bedroom apartment in Sidmouth in July 2006. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year extension to my lease. Comparative flats in Sidmouth with an extended lease were valued around £245,000. The average ground rent payable was £50 invoiced quarterly. The lease ended in 2094. Taking into account 68 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 plus expenses.
Last Christmas we were called by Mr and Mrs. I Wright , who moved into a first floor apartment in Sidmouth in November 2012. The question was if we could approximate the compensation to the landlord would be for a ninety year lease extension. Comparative properties in Sidmouth with a long lease were valued about £285,000. The mid-range amount of ground rent was £55 billed monthly. The lease concluded in 2105. Given that there were 79 years outstanding we estimated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of fees.