The market value of a leasehold property in Newton Ferrers is impacted by how many years the lease has remaining. If it is near to or fewer than eighty years you should expect difficulties on re-sale, so it is advisable to arrange for a lease extension prior to buying. It is preferable to commence the process of extending the lease is when the lease still has 82 years to run so that all matters can be concluded in advance of the eighty year cut off point. Current legislation entitles Newton Ferrers qualifying lessees to obtain a new lease which will be for the current unexpired lease term plus an additional term of 90 years. The intention of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the purchase of the lease extension.
Leasehold properties in Newton Ferrers with in excess of one hundred years remaining 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 premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Coventry Building Society | |
| Halifax | |
| Leeds Building Society | |
| Virgin |
Lease extensions in Newton Ferrers can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.
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 Newton Ferrers lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to lengthy negotiations with the freeholder of her one bedroom apartment in Newton Ferrers, Alicia started the lease extension process just as the lease was nearing the critical eighty-year mark. The legal work was finalised in November 2013. The freeholder’s fees were kept to an absolute minimum.
Dr Ollie Lee purchased a purpose-built flat in Newton Ferrers in May 1996. The question was if we could estimate the price would be to extend the lease by an additional years. Similar homes in Newton Ferrers with 100 year plus lease were in the region of £275,000. The average amount of ground rent was £55 collected annually. The lease concluded on 14 October 2103. Given that there were 77 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 not including expenses.
Last Spring we were phoned by Mr and Mrs. A Martinez , who took over the lease of a purpose-built flat in Newton Ferrers in January 2001. We are asked if we could approximate the price could be to prolong the lease by an additional years. Comparable flats in Newton Ferrers with 100 year plus lease were worth £183,600. The average ground rent payable was £65 collected yearly. The lease finished on 3 October 2083. Having 57 years unexpired we estimated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 not including expenses.