Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will usually be granted for a set period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Ware. Clearly, the length of lease remaining shortens over time. This is often ignored and only becomes a problem when the property has to be sold or refinanced. The fewer the years remaining the less it is worth and the more it will cost to extend the lease. Qualifying long lease owners in Ware have the right to extend the lease for a further ninety years in accordance with the 1993 Leasehold Reform Act. Please give careful deliberation before putting off your Ware lease extension. Holding off the cost now likely increases the price you will eventually incur for a lease extension
It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Chelsea Building Society | |
| Nationwide Building Society | |
| TSB |
Retaining our service gives you increased control over the value of your Ware leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Mason owned a conversion flat in Ware on the market with a lease of fraction over 59 years outstanding. Mason on an informal basis contacted his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Mason to exercise his statutory right. Mason procured expert advice and secured an acceptable resolution informally and sell the flat.
Last Christmas we were approach by Mr K Alexander , who bought a studio flat in Ware in July 2001. The dilemma was if we could shed any light on how much (approximately) price would be to extend the lease by an additional years. Comparative homes in Ware with an extended lease were valued around £254,200. The average ground rent payable was £60 collected yearly. The lease came to a finish in 2077. Having 51 years outstanding we calculated the compensation to the landlord to extend the lease to be within £43,700 and £50,600 exclusive of fees.
In 2009 we were e-mailed by Mr and Mrs. H Bonnet who, having bought a garden apartment in Ware in April 1997. We are asked if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Identical flats in Ware with an extended lease were in the region of £210,600. The mid-range ground rent payable was £45 collected monthly. The lease ran out in 2088. Considering the 62 years left we estimated the compensation to the landlord for the lease extension to be within £18,100 and £20,800 plus legals.