Chances are that if you own a flat in Southmead you actually own a long leasehold interest over your property
It is generally considered that a property with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Godiva Mortgages | |
| Halifax | |
| Santander | |
| Royal Bank of Scotland |
Lease extensions in Southmead can be a difficult process. We recommend you get guidance from a conveyancer and valuer with experience in lease extensions.
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 Southmead lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago John, came precariously near to the eighty-year threshold with the lease on his basement apartment in Southmead. In buying his home two decades ago, the unexpired term was of minimal relevance. Fortunately, he became aware that he needed to take steps soon on a lease extension. John arranged for a lease extension just ahead of time in May. John and the freeholder via the management company in the end settled on an amount of £6,000 . If the lease had slipped below 80 years, the sum would have become more costly by at least £900.
Mrs Hollie Brooks bought a recently refurbished flat in Southmead in October 1997. We are asked if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Similar premises in Southmead with 100 year plus lease were valued about £200,000. The mid-range amount of ground rent was £50 collected yearly. The lease termination date was in 2103. Taking into account 77 years left we calculated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 not including fees.
In 2011 we were called by Mr and Mrs. Y Patel who, having took over the lease of a ground floor apartment in Southmead in April 2010. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Comparable residencies in Southmead with a long lease were in the region of £265,200. The average ground rent payable was £65 collected quarterly. The lease terminated in 2092. Given that there were 66 years remaining we estimated the compensation to the landlord to extend the lease to be between £15,200 and £17,600 exclusive of fees.