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 fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Lytchett Matravers. Clearly, the length of lease left reduces as time goes by. This is often ignored and only becomes a problem when the property needs to be sold or refinanced. The shorter the lease the less it is worth and the more expensive it will be to obtain a lease extension. Eligible long lease owners in Lytchett Matravers have the legal entitlement to extend the lease for a further 90 years under legislation. Do give due attention before putting off your Lytchett Matravers lease extension. Holding off that expense now simply increases the price you will eventually incur for a lease extension
Leasehold properties in Lytchett Matravers with over 100 years left 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 freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Halifax | |
| Virgin |
Lease extensions in Lytchett Matravers can be a difficult process. We recommend you get guidance from a lawyer and surveyor with experience in this area.
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 Lytchett Matravers lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of unsuccessful negotiations with the landlord of her two bedroom apartment in Lytchett Matravers, Alisha started the lease extension process just as her lease was approaching the all-important eighty-year deadline. The transaction completed in February 2011. The landlord’s charges were restricted to slightly above 450 pounds.
Last Summer we were called by Dr W Hill , who moved into a one bedroom flat in Lytchett Matravers in March 2011. We are asked if we could approximate the price would be to extend the lease by an additional years. Comparable flats in Lytchett Matravers with 100 year plus lease were worth £242,600. The average amount of ground rent was £45 invoiced every twelve months. The lease elapsed on 24 January 2093. Considering the 67 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £11,400 and £13,200 not including expenses.
Dr H Thompson owned a one bedroom apartment in Lytchett Matravers in February 2008. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Comparative premises in Lytchett Matravers with 100 year plus lease were valued about £280,000. The average ground rent payable was £55 collected per annum. The lease ended on 13 August 2104. Considering the 78 years as a residual term we estimated the premium to the landlord for the lease extension to be between £13,300 and £15,400 plus expenses.