Owning a flat usually means owning a lease of the property, which has a finite term of years. The lease will normally be granted for a prescribed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Thorpe St Andrew. Inevitably, the term of lease remaining shortens over time. This may slip by relatively unnoticed when the property has to be disposed of or re-mortgaged. The fewer the years remaining the less it is worth and the more expensive it will be to procure a lease extension. Qualifying long lease owners in Thorpe St Andrew have the legal entitlement to extend the lease for an additional 90 years in accordance with legislation. Please give due consideration before delaying your Thorpe St Andrew lease extension. Putting off that expense now likely increases the price you will ultimately incur for a lease extension
It is generally accepted that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Coventry Building Society | |
| Halifax | |
| Royal Bank of Scotland |
Lease extensions in Thorpe St Andrew can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer with experience in lease extensions.
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 a wealth of experience dealing with Thorpe St Andrew lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Hugo owned a conversion apartment in Thorpe St Andrew on the market with a lease of fraction over fifty eight years outstanding. Hugo on an informal basis spoke with his landlord a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Hugo to exercise his statutory right. Hugo procured expert legal guidance and was able to make a more informed decision and deal with the matter and sell the property.
Mr and Mrs. Y André was assigned a lease of a basement flat in Thorpe St Andrew in September 2009. We are asked if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Comparable residencies in Thorpe St Andrew with 100 year plus lease were valued around £264,000. The mid-range ground rent payable was £60 collected quarterly. The lease elapsed in 2079. Given that there were 53 years as a residual term we estimated the premium to the landlord for the lease extension to be between £37,100 and £42,800 plus expenses.
Dr C Davis purchased a ground floor apartment in Thorpe St Andrew in May 2008. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparative homes in Thorpe St Andrew with 100 year plus lease were valued about £220,400. The average amount of ground rent was £45 invoiced every twelve months. The lease expired in 2090. Taking into account 64 years remaining we estimated the compensation to the landlord for the lease extension to be between £15,200 and £17,600 plus fees.