Sneyd Park leases on domestic properties are gradually losing value. if your lease has approximately ninety years remaining, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for a lease extension to be in place before the term of the current lease falls below 80 years - otherwise a higher amount will be payable. Flat owners in Sneyd Park will mostly qualify for a lease extension; however a solicitor should be able check your eligibility. In some situations you may not be entitled. There are also strict timetables and steps to follow once the process has commenced so it’s prudent to be guided by a conveyancing solicitor during the process.
Leasehold residencies in Sneyd Park with more than 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Halifax | |
| Santander | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Lease extensions in Sneyd Park can be a difficult process. We recommend you secure 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 a wealth of experience dealing with Sneyd Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Benjamin owned a high value flat in Sneyd Park being sold with a lease of just over 72 years unexpired. Benjamin on an informal basis contacted his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to an increased rent to £100 annually. No ground rent would be payable on a lease extension were Benjamin to invoke his statutory right. Benjamin procured expert legal guidance and secured an acceptable deal without resorting to tribunal and readily saleable.
Dr Eliot Harris was assigned a lease of a studio apartment in Sneyd Park in June 1995. We are asked if we could estimate the price could be to extend the lease by 90 years. Comparable properties in Sneyd Park with an extended lease were valued around £200,000. The average amount of ground rent was £50 billed monthly. The lease came to a finish in 2104. Having 78 years outstanding we approximated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of professional charges.
In 2011 we were called by Dr U López who, having bought a purpose-built flat in Sneyd Park in May 2002. We are asked if we could shed any light on how much (roughly) premium would likely be to extend the lease by an additional years. Similar residencies in Sneyd Park with a long lease were valued about £267,600. The mid-range amount of ground rent was £65 invoiced yearly. The lease finished on 17 October 2093. Taking into account 67 years left we calculated the compensation to the freeholder for the lease extension to be within £14,300 and £16,400 not including legals.