Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will ordinarily be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Stapleton. Clearly, the length of lease remaining shortens as time goes by. This is often ignored and only raises itself as an issue when the property has to be disposed of or refinanced. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease. Qualifying long lease owners in Stapleton have the legal entitlement to extend the lease for a further ninety years under statute. You should give due consideration before delaying your Stapleton lease extension. Holding off the cost now likely increases the price you will eventually have to pay to extend your lease
It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Coventry Building Society | |
| Halifax | |
| Skipton Building Society | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a freeholder in Stapleton,the lease extension solicitors 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 Stapleton valuers.
Jamie was the the leasehold proprietor of a 2 bedroom flat in Stapleton being marketed with a lease of a few days over 72 years remaining. Jamie informally spoke with his freeholder a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Jamie to exercise his statutory right. Jamie procured expert legal guidance and secured satisfactory resolution informally and sell the flat.
Mr and Mrs. E Garcia completed a one bedroom apartment in Stapleton in August 2012. The question was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Comparative homes in Stapleton with an extended lease were worth £230,800. The mid-range ground rent payable was £60 invoiced annually. The lease ended in 2086. Having 60 years unexpired we calculated the compensation to the landlord for the lease extension to be between £24,700 and £28,600 not including legals.
Last Winter we were e-mailed by Dr E Robinson , who moved into a basement flat in Stapleton in May 2010. The question was if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Comparative homes in Stapleton with an extended lease were valued around £210,000. The average amount of ground rent was £50 collected annually. The lease ran out in 2106. Having 80 years unexpired we estimated the premium to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of professional charges.