Sprowston leases on domestic deteriorating in value. if your lease has about ninety years remaining, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for a lease extension to be in place before the term of the existing lease dips under 80 years - otherwise a higher amount will be payable. Flat owners in Sprowston will usually be legally entitled to a lease extension; however a solicitor should be able check if you qualify. In some circumstances you may not qualify. There are prescribed deadlines and steps to comply with once the process is triggered so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold premises in Sprowston with more than one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
The lawyers that we work with procure Sprowston 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 conveyancer we work with provide it.
Omar owned a conversion apartment in Sprowston being sold with a lease of fraction over 61 years remaining. Omar informally contacted his landlord being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £100 yearly. No ground rent would be payable on a lease extension were Omar to invoke his statutory right. Omar obtained expert advice and secured satisfactory deal without resorting to tribunal and sell the flat.
Mr and Mrs. K Richardson was assigned a lease of a purpose-built apartment in Sprowston in February 1999. We are asked if we could approximate the premium would be to prolong the lease by an additional years. Comparable flats in Sprowston with 100 year plus lease were valued about £198,800. The average ground rent payable was £55 collected every twelve months. The lease expired in 2080. Having 55 years as a residual term we calculated the premium to the landlord to extend the lease to be between £33,300 and £38,400 plus legals.
In 2011 we were contacted by Mr J Stewart who, having moved into a studio apartment in Sprowston in March 2007. We are asked if we could approximate the price would likely be to extend the lease by a further 90 years. Identical residencies in Sprowston with a long lease were worth £295,000. The mid-range amount of ground rent was £50 billed quarterly. The lease expired in 2100. Considering the 75 years remaining we estimated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of costs.