The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Swavesey may extend the lease for a further ninety years in accordance with statute. Please give careful consideration before delaying your Swavesey lease extension. Putting off the costs now simply escalates the premium you will eventually have to pay for a lease extension.
It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Santander | |
| Skipton Building Society | |
| Virgin |
Lease extensions in Swavesey can be a difficult process. We recommend you procure professional help from a conveyancer and valuer well versed in the legislation and lease extension process.
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 Swavesey lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Thomas, started to get close to the 80-year threshold with the lease on his two bedroom apartment in Swavesey. In buying his flat two decades ago, the length of the lease was of minimal importance. by good luck, it dawned on him that he needed to take action soon on a lease extension. Thomas arranged for a lease extension at the eleventh hour in May. Thomas and the freeholder eventually agreed on the final figure of £5,500 . If he had missed the deadline, the premium would have escalated by a minimum £850.
In 2011 we were called by Mrs S Morel who, having was assigned a lease of a one bedroom flat in Swavesey in May 2011. We are asked if we could shed any light on how much (roughly) price could be for a 90 year extension to my lease. Comparable properties in Swavesey with an extended lease were in the region of £233,200. The average amount of ground rent was £60 billed monthly. The lease lapsed in 2087. Considering the 61 years remaining we estimated the premium to the landlord to extend the lease to be between £22,800 and £26,400 plus professional charges.
In 2011 we were phoned by Mr Stanley White who, having purchased a ground floor apartment in Swavesey in October 1996. We are asked if we could estimate the premium could be to extend the lease by an additional years. Comparative residencies in Swavesey with an extended lease were in the region of £171,800. The average ground rent payable was £55 invoiced quarterly. The lease elapsed on 18 July 2076. Having 50 years outstanding we estimated the premium to the freeholder to extend the lease to be between £33,300 and £38,400 plus expenses.