On the balance of probabilities where you own a flat in Underwood you actually own a long leasehold interest over your property
It is generally accepted that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| Nationwide Building Society | |
| Santander | |
| Virgin |
Lease extensions in Underwood can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor 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 in-depth market knowledge procuring Underwood lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing lengthy correspondence with the freeholder of her first floor flat in Underwood, Naomi commenced the lease extension process just as the lease was coming close to the critical 80-year threshold. The legal work completed in July 2010. The landlord’s charges were kept to an absolute minimum.
In 2010 we were contacted by Mr and Mrs. K Ramírez who, having moved into a purpose-built flat in Underwood in February 2004. We are asked if we could shed any light on how much (approximately) price would likely be to extend the lease by an additional years. Identical flats in Underwood with 100 year plus lease were in the region of £264,000. The average ground rent payable was £60 collected every twelve months. The lease expired on 13 May 2079. Taking into account 53 years remaining we approximated the premium to the landlord for the lease extension to be between £37,100 and £42,800 not including costs.
Mr and Mrs. R Edwards purchased a basement apartment in Underwood in April 2009. The question was if we could approximate the price would be for a ninety year extension to my lease. Identical homes in Underwood with a long lease were worth £220,400. The mid-range amount of ground rent was £45 collected monthly. The lease came to a finish on 25 September 2090. Taking into account 64 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £15,200 and £17,600 not including fees.