Turvey leases on domestic deteriorating in value. if your lease has about 90 years unexpired, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for the lease extension to take place before the term of the current lease drops under eighty years - otherwise a higher amount will be due. Leasehold owners in Turvey will mostly qualify for a lease extension; however a solicitor will check your eligibility. In some cases you may not be entitled. There are also strict timetables and steps to follow once the process is triggered so it’s best to be guided by a conveyancer during the process.
It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety 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 | |
| Leeds Building Society | |
| National Westminster Bank | |
| Santander | |
| Royal Bank of Scotland |
Engaging our service gives you enhanced control over the value of your Turvey leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Rory owned a conversion apartment in Turvey on the market with a lease of fraction over 61 years unexpired. Rory on an informal basis contacted his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Rory to invoke his statutory right. Rory procured expert legal guidance and was able to make a more informed decision and deal with the matter and readily saleable.
Mr Jamie Thompson was assigned a lease of a one bedroom apartment in Turvey in September 2004. The question was if we could estimate the premium would be for a ninety year lease extension. Identical premises in Turvey with an extended lease were in the region of £254,200. The mid-range ground rent payable was £60 billed every twelve months. The lease elapsed in 2077. Having 51 years remaining we calculated the premium to the landlord for the lease extension to be between £43,700 and £50,600 plus fees.
Mrs Jodie Gunderson was assigned a lease of a one bedroom apartment in Turvey in May 1998. We are asked if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Comparative homes in Turvey with an extended lease were worth £210,600. The mid-range ground rent payable was £45 billed yearly. The lease lapsed on 14 March 2088. Given that there were 62 years remaining we estimated the premium to the landlord for the lease extension to be within £18,100 and £20,800 exclusive of costs.