For anyone whose Market Weighton flat is held on a long lease, our message is clear – if nothing is done, the property will ultimately revert to your landlord, leaving you empty-handed. The fewer the years remaining the less it is worth and the more it will cost to procure a lease extension.
Leasehold residencies in Market Weighton with in excess of one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| National Westminster Bank | |
| Santander | |
| Skipton Building Society | |
| Yorkshire Building Society |
The conveyancers that we work with procure Market Weighton 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.
Arthur was the the leasehold owner of a conversion flat in Market Weighton on the market with a lease of a few days over 72 years remaining. Arthur informally approached his landlord a well known local-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 at the outset set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Arthur to exercise his statutory right. Arthur obtained expert legal guidance and secured an acceptable deal informally and sell the flat.
In 2009 we were phoned by Ms A Roberts who, having was assigned a lease of a ground floor flat in Market Weighton in June 1995. The question was if we could approximate the compensation to the landlord would likely be to extend the lease by ninety years. Identical homes in Market Weighton with an extended lease were in the region of £183,600. The average amount of ground rent was £65 collected monthly. The lease concluded on 23 August 2083. Given that there were 57 years left we estimated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 plus costs.
Last Winter we were approach by Dr Leon Gunderson , who took over the lease of a first floor flat in Market Weighton in June 1995. We are asked if we could approximate the premium could be to prolong the lease by 90 years. Comparative flats in Market Weighton with 100 year plus lease were in the region of £245,000. The average amount of ground rent was £50 invoiced per annum. The lease terminated on 28 July 2094. Given that there were 68 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.