St Leonard Shoreditch leases on domestic deteriorating in value. Where your lease has approximately ninety years remaining, you should start considering the need for a lease extension. An important point to note is that it is desirable for the lease extension to be in place before the term of the existing lease drops below eighty years - otherwise a higher amount will be payable. Flat owners in St Leonard Shoreditch will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancer to confirm if you qualify. In some cases you may not qualify. There are also strict deadlines and formalities to follow once the process has started so it’s sensible to be guided by a conveyancer during the process.
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 further 90 years added to any lease with more than 45 years remaining, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Santander | |
| Royal Bank of Scotland |
Irrespective of whether you are a tenant or a freeholder in St Leonard Shoreditch,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with St Leonard Shoreditch valuers.
Jake owned a 2 bedroom flat in St Leonard Shoreditch on the market with a lease of a little over 59 years outstanding. Jake on an informal basis approached his freeholder being 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 new rent at the outset set at £150 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Jake to invoke his statutory right. Jake procured expert legal guidance and secured satisfactory deal informally and readily saleable.
Last Autumn we were phoned by Mr and Mrs. K Laurent , who completed a studio apartment in St Leonard Shoreditch in August 2008. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Comparative premises in St Leonard Shoreditch with an extended lease were worth £270,000. The average ground rent payable was £55 billed quarterly. The lease finished in 2100. Given that there were 74 years outstanding we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including professional charges.
An example of a Lease Extension case for a St Leonard Shoreditch property 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 as at the valuation date was 72.39 years.