The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Great Barford can extend the lease for a further 90 years under Leasehold Reform legislation. Please give careful consideration before delaying your Great Barford lease extension. Postponing that expense now simply increases the premium you will ultimately have to pay for a lease extension.
It is generally accepted that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Skipton Building Society |
The conveyancers that we work with undertake Great Barford lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
Joshua was the the leasehold owner of a conversion apartment in Great Barford on the market with a lease of just over 61 years unexpired. Joshua informally contacted his landlord a well known London-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent to start with set at £200 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Joshua to exercise his statutory right. Joshua procured expert legal guidance and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.
Ms S Adams purchased a one bedroom apartment in Great Barford in June 2007. The question was if we could shed any light on how much (approximately) premium would be to prolong the lease by a further 90 years. Identical properties in Great Barford with 100 year plus lease were valued about £240,600. The mid-range ground rent payable was £65 collected quarterly. The lease finished in 2088. Taking into account 62 years left we calculated the compensation to the freeholder to extend the lease to be within £21,900 and £25,200 plus legals.
Mr Liam Williams moved into a studio apartment in Great Barford in April 2003. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Identical flats in Great Barford with a long lease were worth £174,200. The mid-range amount of ground rent was £55 invoiced monthly. The lease elapsed in 2077. Taking into account 51 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 exclusive of fees.