Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will normally be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in St Andrews. Inevitably, the length of lease left shortens over time. This is often overlooked and only raises itself as an issue when the residence needs to be sold or re-mortgaged. The shorter the lease the lower the value of the property and the more it will cost to extend the lease. Qualifying long lease owners in St Andrews have the legal entitlement to extend the lease for a further 90 years under legislation. Do give due deliberation before delaying your St Andrews lease extension. Putting off that expense now simply increases the price you will ultimately have to pay for a lease extension
It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Virgin |
Lease extensions in St Andrews can be a difficult process. We recommend you get professional help from a lawyer and valuer with experience in this area.
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 procuring St Andrews lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 6 months of lengthy discussions with the freeholder of her purpose-built apartment in St Andrews, Aimee started the lease extension process just as the lease was nearing the critical eighty-year threshold. The legal work was concluded in June 2011. The landlord’s costs were kept to an absolute minimum.
Dr E Rivera owned a recently refurbished apartment in St Andrews in September 2000. The dilemma was if we could shed any light on how much (roughly) price would be for a ninety year lease extension. Similar homes in St Andrews with an extended lease were in the region of £280,000. The mid-range amount of ground rent was £55 billed annually. The lease end date was in 2103. Given that there were 77 years as a residual term we approximated the premium to the landlord to extend the lease to be within £13,300 and £15,400 not including professional charges.
Mr and Mrs. E Wilson acquired a one bedroom flat in St Andrews in January 2007. We are asked if we could shed any light on how much (roughly) premium would likely be to extend the lease by a further 90 years. Similar flats in St Andrews with 100 year plus lease were in the region of £183,600. The average ground rent payable was £65 collected per annum. The lease concluded in 2083. Given that there were 57 years outstanding we estimated the premium to the landlord for the lease extension to be between £28,500 and £33,000 not including legals.