Topsham leases on domestic deteriorating in value. if your lease has in the region of 90 years remaining, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for a lease extension to take place before the term of the current lease dips below 80 years - otherwise a higher premium will be payable. Leasehold owners in Topsham will mostly qualify for a lease extension; however a solicitor will check if you qualify. In certain cases you may not qualify. There are also strict deadlines and formalities to follow once the process is triggered so it’s sensible to be guided by a conveyancing solicitor during the process.
Leasehold residencies in Topsham with more than 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Nationwide Building Society | |
| Royal Bank of Scotland | |
| Virgin |
Using our service will provide you better control over the value of your Topsham leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of lengthy discussions with the landlord of her leasehold flat in Topsham, Alice commenced the lease extension process as the 80 year mark was rapidly advancing. The legal work was concluded in August 2009. The landlord’s costs were restricted to under 700 GBP.
Last Summer we were e-mailed by Ms Rebecca Gunderson , who moved into a one bedroom flat in Topsham in September 2003. The question was if we could approximate the compensation to the landlord would be for a ninety year lease extension. Similar homes in Topsham with 100 year plus lease were worth £223,400. The average ground rent payable was £60 invoiced every twelve months. The lease ran out on 18 August 2085. Having 59 years left we estimated the premium to the freeholder for the lease extension to be within £27,600 and £31,800 exclusive of legals.
Last Spring we were called by Dr R Bennett , who owned a basement apartment in Topsham in January 2007. We are asked if we could approximate the price would likely be for a ninety year extension to my lease. Similar properties in Topsham with a long lease were valued around £205,000. The average amount of ground rent was £50 collected every twelve months. The lease end date was on 7 August 2105. Taking into account 79 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of legals.