On the balance of probabilities where you own a flat in Stocksfield you actually own a long leasehold interest over your property
Leasehold properties in Stocksfield with more than 100 years outstanding 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 premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| Royal Bank of Scotland | |
| Virgin |
Regardless of whether you are a tenant or a freeholder in Stocksfield,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Stocksfield valuers.
Last Autumn Jake, started to get close to the 80-year threshold with the lease on his one bedroom apartment in Stocksfield. In buying his home two decades ago, the length of the lease was of no significance. Luckily, he realised he needed to take steps soon on a lease extension. Jake extended the lease just under the wire in March. Jake and the freeholder subsequently agreed on sum of £5,000 . If the lease had slid to less than 80 years, the figure would have become more costly by at least £1,125.
Last Christmas we were approach by Mr and Mrs. D González , who acquired a first floor apartment in Stocksfield in November 2004. The dilemma was if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Comparable properties in Stocksfield with a long lease were worth £275,000. The mid-range amount of ground rent was £45 billed per annum. The lease finished on 11 September 2095. Considering the 69 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 plus fees.
Last May we were phoned by Dr Ashleigh Wood , who purchased a first floor flat in Stocksfield in July 2007. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by 90 years. Comparable homes in Stocksfield with a long lease were in the region of £216,000. The average ground rent payable was £60 billed monthly. The lease came to a finish in 2084. Having 58 years left we approximated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 exclusive of expenses.