Silsoe leases on residential deteriorating in value. if your lease has in the region of 90 years remaining, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to take place before the term of the existing lease dips under eighty years - otherwise a higher amount will be payable. Flat owners in Silsoe will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to check if you qualify. In some cases you may not be entitled. There are prescribed timetables and steps to comply with once the process has started so it’s best to be guided by a lawyer during the process.
It is conventional wisdom that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Nationwide Building Society | |
| TSB | |
| Yorkshire Building Society |
The conveyancing solicitors that we work with procure Silsoe 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 conveyancing solicitor we work with provide it.
During the course of the last few months Ali, started to get close to the eighty-year mark with the lease on his two bedroom flat in Silsoe. In buying his home two decades ago, the unexpired term was of minimal significance. Fortunately, he became aware that he needed to take action soon on Extending the lease. Ali was able to extend his lease at the eleventh hour last January. Ali and the freeholder via the management company eventually settled on a premium of £5,500 . If the lease had dropped below 80 years, the price would have increased by at least £975.
Last Summer we were phoned by Mr R Cooper , who acquired a ground floor apartment in Silsoe in July 2000. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by a further 90 years. Similar homes in Silsoe with 100 year plus lease were in the region of £240,600. The mid-range amount of ground rent was £60 collected yearly. The lease ran out in 2088. Having 62 years left we approximated the premium to the freeholder to extend the lease to be within £21,900 and £25,200 not including fees.
Last Spring we were e-mailed by Dr Jade Ali , who owned a basement apartment in Silsoe in June 1999. We are asked if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Comparative premises in Silsoe with 100 year plus lease were valued around £174,200. The mid-range ground rent payable was £55 invoiced every twelve months. The lease ran out on 1 May 2077. Having 51 years remaining we approximated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 not including professional charges.