Chances are that where you own a flat in Snettisham you actually own a long leasehold interest over your property
It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Coventry Building Society | |
| National Westminster Bank | |
| Santander | |
| Yorkshire Building Society |
The lawyers that we work with procure Snettisham lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
Jonathan owned a conversion apartment in Snettisham being sold with a lease of fraction over fifty eight years left. Jonathan on an informal basis approached his landlord being a well known Bristol-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 on the basis of a rise in the rent to £50 yearly. No ground rent would be payable on a lease extension were Jonathan to exercise his statutory right. Jonathan procured expert legal guidance and was able to make an informed decision and deal with the matter and ending up with a market value flat.
In 2011 we were phoned by Dr C Bernard who, having completed a one bedroom apartment in Snettisham in July 2008. We are asked if we could approximate the premium could be for a ninety year extension to my lease. Identical homes in Snettisham with an extended lease were worth £267,600. The mid-range ground rent payable was £65 billed every twelve months. The lease finished in 2093. Considering the 67 years left we approximated the premium to the landlord for the lease extension to be between £14,300 and £16,400 exclusive of professional charges.
In 2014 we were called by Mrs Caitlin López who, having was assigned a lease of a newly refurbished flat in Snettisham in November 2004. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by ninety years. Similar residencies in Snettisham with a long lease were valued about £206,200. The average amount of ground rent was £55 billed per annum. The lease ended on 15 July 2082. Considering the 56 years remaining we approximated the premium to the landlord to extend the lease to be between £31,400 and £36,200 plus expenses.