The value of Lansbury leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase materialy once the unexpired lease term is less than eighty years
Leasehold residencies in Lansbury with over 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Coventry Building Society | |
| Skipton Building Society | |
| Virgin |
Regardless of whether you are a tenant or a landlord in Lansbury,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Lansbury valuers.
In recent months Kian, started to get near to the eighty-year mark with the lease on his two bedroom apartment in Lansbury. Having purchased his flat two decades ago, the unexpired term was of minimal concern. As luck would have it, he recognised he would soon be paying an escalated premium for a lease extension. Kian arranged for a lease extension just ahead of time last March. Kian and the freeholder in the end settled on the final figure of £6,000 . If he not met the deadline, the sum would have become more exhorbitant by a minimum £1,025.
In 2011 we were phoned by Mrs E Campbell who, having completed a studio apartment in Lansbury in February 2000. We are asked if we could estimate the price could be for a ninety year extension to my lease. Comparable premises in Lansbury with a long lease were worth £210,000. The mid-range ground rent payable was £50 collected per annum. The lease elapsed in 2106. Taking into account 80 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 plus costs.
An example of a Vesting Order and Purchase of freehold case for a Lansbury flat is Ground Floor Flat 4A Baronet Road in February 2010. Following a vesting order by Edmonton County Court on 23rd December 2008 (case number 8ED064) the Tribunal decided that the price that the Applicant for the freehold interest should pay is £8,689.00 This case was in relation to 2 flats. The number of years remaining on the existing lease(s) was 80.01 years.