The re-sale value of a leasehold property in Ulverston is impacted by how many years the lease has remaining. If it is near to or less than 80 years you should anticipate difficulties on re-sale, so it is advisable to arrange for the lease to be extended ahead of buying. Ideally one should start the lease extension process when the lease still has 82 years unexpired so that all matters can be concluded well before the 80 year mark. Statute enables Ulverston qualifying lessees to acquire a new lease which will be for the balance of the existing lease plus a supplemental term of 90 years. The intention of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the acquisition of the lease extension.
Leasehold properties in Ulverston with in excess of one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Godiva Mortgages | |
| Halifax | |
| TSB | |
| Virgin |
Lease extensions in Ulverston can be a difficult process. We recommend you secure professional help from a conveyancer and valuer well versed in the legislation and lease extension process.
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 Ulverston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Harrison was the the leasehold owner of a 2 bedroom flat in Ulverston on the market with a lease of a few days over 72 years unexpired. Harrison informally spoke with 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 extend the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Harrison to invoke his statutory right. Harrison obtained expert legal guidance and secured satisfactory resolution without resorting to tribunal and ending up with a market value flat.
Last year we were approach by Mrs Poppy François , who acquired a garden flat in Ulverston in July 1995. The question was if we could estimate the premium could be to prolong the lease by a further 90 years. Similar residencies in Ulverston with 100 year plus lease were valued around £225,400. The average amount of ground rent was £45 collected yearly. The lease termination date was on 17 May 2090. Having 64 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £15,200 and £17,600 plus expenses.
Dr Dexter Jones bought a one bedroom apartment in Ulverston in August 1999. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year extension to my lease. Similar flats in Ulverston with a long lease were in the region of £270,000. The mid-range ground rent payable was £55 invoiced every twelve months. The lease elapsed on 27 January 2101. Given that there were 75 years left we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus costs.