Owning a flat usually means owning a lease of the property, which has a set term of years. The lease will ordinarily be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Silsoe. Inevitably, the period of lease remaining reduces over time. This may pass by relatively unnoticed when the flat or house needs to be sold or refinanced. The shorter the lease the lower the value of the property and the more it will cost to extend the lease. Eligible leaseholders in Silsoe have the legal entitlement to extend the lease for an additional ninety years under legislation. Do give careful deliberation before putting off your Silsoe lease extension. Holding off that expense now simply increases the price you will eventually incur to extend your lease
Leasehold properties in Silsoe with more than 100 years outstanding 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 home. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Coventry Building Society | |
| Halifax | |
| Santander | |
| Virgin |
Lease extensions in Silsoe can be a difficult process. We recommend you get professional help from a lawyer 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 Silsoe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Hunter was the the leasehold owner of a studio apartment in Silsoe being sold with a lease of a few days over 59 years outstanding. Hunter informally approached his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Hunter to exercise his statutory right. Hunter procured expert legal guidance and was able to make an informed judgement and handle with the matter and sell the flat.
In 2013 we were phoned by Ms Samantha Sánchez who, having took over the lease of a garden flat in Silsoe in March 2001. We are asked if we could estimate the premium would be for a 90 year extension to my lease. Comparative residencies in Silsoe with a long lease were in the region of £205,000. The average amount of ground rent was £50 invoiced quarterly. The lease elapsed on 20 February 2104. Given that there were 78 years outstanding we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 plus legals.
Mr H Brown owned a garden flat in Silsoe in May 2002. The dilemma was if we could shed any light on how much (approximately) price would be for a 90 year lease extension. Identical premises in Silsoe with 100 year plus lease were in the region of £267,600. The average ground rent payable was £65 billed yearly. The lease elapsed on 28 May 2093. Having 67 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £14,300 and £16,400 not including legals.