Chances are that if you own a flat in Walderslade you actually own a long leasehold interest over your property
It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Godiva Mortgages | |
| Halifax | |
| Nationwide Building Society | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a freeholder in Walderslade,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Walderslade valuers.
During the course of the last few months Kian, started to get near to the eighty-year mark with the lease on his basement apartment in Walderslade. In buying his home two decades ago, the length of the lease was of minimal concern. As luck would have it, he became aware that he needed to take action soon on a lease extension. Kian was able to extend his lease at the eleventh hour in March. Kian and the freeholder subsequently agreed on an amount of £5,500 . If he had missed the deadline, the price would have become more exhorbitant by at least £1,100.
Last year we were contacted by Mr Sam François , who bought a newly refurbished apartment in Walderslade in October 2011. We are asked if we could shed any light on how much (roughly) premium could be to extend the lease by an additional years. Identical residencies in Walderslade with an extended lease were valued about £240,600. The mid-range amount of ground rent was £60 collected every twelve months. The lease finished in 2088. Taking into account 62 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £21,900 and £25,200 plus professional charges.
Mr and Mrs. N Moore moved into a purpose-built flat in Walderslade in August 1995. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Identical properties in Walderslade with 100 year plus lease were in the region of £174,200. The mid-range amount of ground rent was £55 collected monthly. The lease ended on 19 August 2077. Taking into account 51 years left we estimated the compensation to the landlord for the lease extension to be within £31,400 and £36,200 not including expenses.