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 generally considered that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| The Mortgage Works |
Engaging our service gives you better control over the value of your Temple Fortune leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Last year Ethan, came seriously near to the 80-year threshold with the lease on his first floor flat in Temple Fortune. Having purchased his property twenty years ago, the lease term was of no importance. by good luck, he recognised he would soon be paying an escalated premium for Extending the lease. Ethan extended the lease at the eleventh hour last May. Ethan and the landlord who owned the flat above ultimately agreed on an amount of £5,000 . If the lease had slipped lower than 80 years, the price would have gone up by at least £900.
In 2012 we were approached by Mr T Stewart who, having took over the lease of a one bedroom apartment in Temple Fortune in July 1997. The question was if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by ninety years. Identical residencies in Temple Fortune with 100 year plus lease were worth £206,200. The average amount of ground rent was £60 invoiced per annum. The lease concluded in 2082. Taking into account 56 years outstanding we approximated the premium to the landlord for the lease extension to be within £32,300 and £37,400 plus costs.
An example of a Lease Extension matter before the tribunal for a Temple Fortune premises 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 related to 1 flat. The remaining number of years on the lease was 76 years.