Chances are that if you own a flat in St Leonard Shoreditch you actually own a long leasehold interest over your property
Leasehold premises in St Leonard Shoreditch with in excess of 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 home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Halifax | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Lease extensions in St Leonard Shoreditch can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor 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 St Leonard Shoreditch lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Finley, came very near to the 80-year threshold with the lease on his basement apartment in St Leonard Shoreditch. Having bought his flat two decades ago, the lease term was of no interest. Thankfully, he recognised he needed to take action soon on a lease extension. Finley arranged for a lease extension just under the wire last June. Finley and the freeholder eventually agreed on an amount of £6,000 . If he failed to meet the deadline, the sum would have gone up by at least £1,050.
In 2012 we were contacted by Mr and Mrs. S Taylor who, having was assigned a lease of a one bedroom apartment in St Leonard Shoreditch in May 2009. The dilemma was if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Similar properties in St Leonard Shoreditch with a long lease were worth £173,800. The mid-range amount of ground rent was £65 billed every twelve months. The lease elapsed in 2081. Considering the 55 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 exclusive of legals.
An example of a Lease Extension decision for a St Leonard Shoreditch flat is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case was in relation to 2 flats. The unexpired term was 72.39 years.