Thornhill leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Most owners of residential leasehold property in Thornhill enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Thornhill you would be well advised to see if your lease has between 70 and ninety years left. There are good reasons why a Thornhill flat owner with a lease having around 80 years unexpired should take steps to ensure that a lease extension is actioned without delay
Leasehold residencies in Thornhill with more than 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Leeds Building Society | |
| Nationwide Building Society |
Lease extensions in Thornhill can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor with experience in this area.
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 Thornhill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Summer Dexter, came dangerously near to the 80-year threshold with the lease on his leasehold apartment in Thornhill. In buying his home two decades ago, the lease term was of little relevance. As luck would have it, he became aware that he would soon be paying way over the odds for a lease extension. Dexter arranged for a lease extension at the eleventh hour in September. Dexter and the landlord eventually agreed on the final figure of £5,000 . If he had missed the deadline, the figure would have increased by a minimum £950.
Last year we were phoned by Dr L Bernard , who bought a garden apartment in Thornhill in May 2007. The question was if we could approximate the price would likely be for a 90 year lease extension. Comparative flats in Thornhill with an extended lease were valued about £280,000. The mid-range amount of ground rent was £45 collected yearly. The lease ran out on 20 September 2096. Considering the 70 years left we estimated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 plus costs.
Dr Lucy Gómez completed a garden flat in Thornhill in September 2006. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by ninety years. Identical homes in Thornhill with a long lease were in the region of £218,400. The mid-range amount of ground rent was £60 collected per annum. The lease expiry date was in 2085. Given that there were 59 years left we calculated the premium to the landlord to extend the lease to be within £27,600 and £31,800 exclusive of costs.