The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Ware can extend the lease for an additional 90 years under the 1993 Leasehold Reform Act. Do think carefully before delaying your Ware lease extension. Shelving that expense today simply increases the amount you will eventually have to pay to extend the lease.
Leasehold residencies in Ware with in excess of one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Coventry Building Society | |
| Nationwide Building Society | |
| Royal Bank of Scotland |
Lease extensions in Ware can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor 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 Ware lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to unsuccessful discussions with the landlord of her purpose-built apartment in Ware, Isobel commenced the lease extension process just as her lease was approaching the crucial eighty-year threshold. The legal work was concluded in April 2013. The freeholder’s costs were negotiated to under 500 GBP.
In 2013 we were approached by Ms L Baker who, having was assigned a lease of a one bedroom apartment in Ware in March 2005. The question was if we could estimate the price would be to prolong the lease by 90 years. Identical premises in Ware with an extended lease were valued around £168,800. The mid-range ground rent payable was £60 invoiced annually. The lease came to a finish in 2081. Taking into account 55 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £30,400 and £35,200 plus professional charges.
Mr and Mrs. U Harris owned a one bedroom apartment in Ware in January 2003. The question was if we could estimate the premium would likely be to prolong the lease by an additional years. Comparable flats in Ware with 100 year plus lease were valued around £235,200. The average ground rent payable was £45 collected quarterly. The lease end date was in 2092. Having 66 years left we calculated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 plus professional charges.