The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Topsham have the right to extend the lease for a further 90 years in accordance with statute. Do think carefully before delaying your Topsham lease extension. Postponing the costs now simply increases the price you will ultimately have to pay for a lease extension.
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 ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Nationwide Building Society | |
| Skipton Building Society | |
| Virgin | |
| Yorkshire Building Society |
The conveyancing solicitors that we work with undertake Topsham 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 conveyancer we work with provide it.
After lengthy discussions with the freeholder of her ground floor flat in Topsham, Molly initiated the lease extension process as the 80 year mark was swiftly coming. The lease extension was finalised in June 2005. The freeholder’s costs were negotiated to below 600 GBP.
Last year we were phoned by Dr George Scott , who acquired a first floor apartment in Topsham in November 2005. We are asked if we could approximate the price could be to prolong the lease by 90 years. Similar flats in Topsham with a long lease were valued around £267,600. The average amount of ground rent was £65 billed per annum. The lease concluded in 2093. Having 67 years left we estimated the compensation to the landlord to extend the lease to be within £14,300 and £16,400 not including professional charges.
In 2014 we were phoned by Dr Alexander Brooks who, having moved into a garden flat in Topsham in October 1999. We are asked if we could estimate the price could be to extend the lease by 90 years. Comparative premises in Topsham with an extended lease were in the region of £206,200. The average amount of ground rent was £55 invoiced every twelve months. The lease finished on 19 March 2082. Having 56 years unexpired we approximated the premium to the landlord to extend the lease to be between £31,400 and £36,200 not including costs.