Chances are that if you own a flat in St Albans you actually own a long leasehold interest over your property
Leasehold residencies in St Albans with more than 100 years left 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 home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Chelsea Building Society | |
| Santander | |
| The Mortgage Works |
Lease extensions in St Albans can be a difficult process. We recommend you procure professional help 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 a wealth of experience dealing with St Albans lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Ryan owned a studio flat in St Albans being sold with a lease of just over 59 years remaining. Ryan on an informal basis spoke with his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £125 yearly. No ground rent would be payable on a lease extension were Ryan to invoke his statutory right. Ryan obtained expert advice and secured an acceptable deal informally and readily saleable.
Last month we were contacted by Mr Riley Girard , who acquired a one bedroom apartment in St Albans in November 2006. We are asked if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Identical premises in St Albans with an extended lease were worth £213,600. The mid-range amount of ground rent was £60 invoiced yearly. The lease expired in 2083. Considering the 57 years left we calculated the compensation to the freeholder to extend the lease to be within £30,400 and £35,200 not including costs.
Dr William Michel completed a garden apartment in St Albans in May 2006. The question was if we could approximate the premium would likely be for a ninety year lease extension. Identical properties in St Albans with an extended lease were worth £200,000. The average ground rent payable was £50 billed quarterly. The lease finished in 2104. Given that there were 78 years left we approximated the premium to the landlord to extend the lease to be between £8,600 and £9,800 not including expenses.