Temple Fortune leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Temple Fortune enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Temple Fortune you really ought to see if your lease has between 70 and 90 years remaining. There are compelling reasons why a Temple Fortune flat owner with a lease having around eighty years left should take action to make sure that a lease extension is effected without delay
It is generally considered that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Skipton Building Society | |
| Royal Bank of Scotland |
The conveyancing solicitors that we work with handle Temple Fortune 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 lawyer we work with provide it.
In the wake of 6 months of protracted correspondence with the landlord of her one bedroom apartment in Temple Fortune, Ella commenced the lease extension process just as her lease was approaching the all-important 80-year mark. The lease extension completed in June 2006. The freeholder’s charges were restricted to under 450 GBP.
In 2009 we were called by Ms Victoria Miller who, having owned a basement apartment in Temple Fortune in August 2010. We are asked if we could estimate the premium would likely be for a ninety year extension to my lease. Comparable flats in Temple Fortune with an extended lease were valued around £275,000. The average amount of ground rent was £65 billed every twelve months. The lease concluded in 2094. Having 68 years remaining we calculated the premium to the landlord for the lease extension to be within £12,400 and £14,200 plus legals.
An example of a Lease Extension case 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 was in relation to 1 flat. The unexpired term was 76 years.