On the balance of probabilities if you own a flat in Temple Fortune you actually own a long leasehold interest over your property
It is conventional wisdom that a property with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| Nationwide Building Society |
Lease extensions in Temple Fortune can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer 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 a wealth of experience procuring Temple Fortune lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Twenty four months ago Leon, started to get close to the 80-year mark with the lease on his garden apartment in Temple Fortune. Having purchased his flat twenty years previously, the length of the lease was of minimal importance. Fortunately, it dawned on him that he would soon be paying an inflated amount for a lease extension. Leon was able to extend his lease just ahead of time last June. Leon and the freeholder via the managing agents subsequently agreed on sum of £5,500 . If he not met the deadline, the sum would have escalated by a minimum £1,000.
Mr and Mrs. E Leroy bought a ground floor flat in Temple Fortune in August 2007. We are asked if we could shed any light on how much (approximately) price would likely be to prolong the lease by ninety years. Comparative premises in Temple Fortune with 100 year plus lease were worth £205,000. The average ground rent payable was £50 collected every twelve months. The lease ran out in 2105. Having 79 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 not including professional charges.
An example of a Lease Extension case for a Temple Fortune property is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case was in relation to 1 flat. The unexpired lease term was 76 years.