The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Swinton have the legal entitlement to extend the lease for a further ninety years in accordance with legislation. Do give careful consideration before delaying your Swinton lease extension. Putting off the costs today simply increases the premium you will eventually have to pay for a lease extension.
It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Leeds Building Society | |
| National Westminster Bank | |
| TSB |
Retaining our service will provide you enhanced control over the value of your Swinton leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Ali owned a conversion apartment in Swinton on the market with a lease of a few days over 59 years left. Ali informally contacted his landlord being a well known Bristol-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £200 annually. No ground rent would be payable on a lease extension were Ali to exercise his statutory right. Ali obtained expert advice and secured an acceptable resolution informally and readily saleable.
In 2009 we were called by Mr T Bertrand who, having was assigned a lease of a first floor flat in Swinton in April 1999. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by an additional years. Identical properties in Swinton with a long lease were valued around £198,800. The mid-range ground rent payable was £55 billed per annum. The lease expired in 2081. Having 55 years remaining we estimated the compensation to the freeholder for the lease extension to be within £33,300 and £38,400 not including expenses.
In 2010 we were phoned by Mr Jack Petit who, having was assigned a lease of a one bedroom apartment in Swinton in June 2006. We are asked if we could approximate the price would be for a 90 year extension to my lease. Comparable premises in Swinton with an extended lease were valued around £295,000. The average ground rent payable was £50 billed yearly. The lease finished in 2101. Given that there were 75 years remaining we estimated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 plus costs.