Symonds Yat leases on domestic deteriorating in value. Where your lease has about 90 years remaining, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for a lease extension to take place before the term of the current lease dips under eighty years - otherwise a higher premium will be due. Flat owners in Symonds Yat will mostly be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In certain situations you may not be entitled. There are prescribed timetables and procedures to follow once the process has started so it’s prudent to be guided by a conveyancing solicitor during the process.
Leasehold premises in Symonds Yat with more than 100 years left 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 property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Barnsley Building Society | |
| Leeds Building Society | |
| Royal Bank of Scotland |
Irrespective of whether you are a tenant or a landlord in Symonds Yat,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 experience and the close ties they enjoy with Symonds Yat valuers.
Subsequent to unsuccessful discussions with the freeholder of her garden apartment in Symonds Yat, Lydia commenced the lease extension process as the 80 year mark was swiftly approaching. The lease extension was finalised in April 2011. The freeholder’s costs were kept to an absolute minimum.
Last January we were contacted by Mrs J Roux , who owned a newly refurbished apartment in Symonds Yat in May 2007. The question was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Comparable premises in Symonds Yat with a long lease were valued around £240,600. The average amount of ground rent was £60 invoiced quarterly. The lease ran out in 2088. Given that there were 62 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £21,900 and £25,200 plus expenses.
In 2010 we were phoned by Mrs C Lefebvre who, having completed a newly refurbished flat in Symonds Yat in August 2001. The dilemma was if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Comparable flats in Symonds Yat with 100 year plus lease were worth £174,200. The mid-range ground rent payable was £55 collected monthly. The lease end date was in 2077. Given that there were 51 years left we approximated the premium to the landlord for the lease extension to be between £31,400 and £36,200 not including costs.