Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will usually be granted for a prescribed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Turvey. Clearly, the term of lease left reduces as time goes by. This may slip by relatively unnoticed when the property has to be disposed of or refinanced. The shorter the lease the lower the value of the property and the more it will cost to obtain a lease extension. Qualifying leaseholders in Turvey have the right to extend the lease for a further ninety years in accordance with legislation. Do give careful consideration before delaying your Turvey lease extension. Putting off the cost now only increases the price you will eventually have to pay to extend your lease
It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| The Mortgage Works | |
| Royal Bank of Scotland |
The conveyancing solicitors that we work with undertake Turvey 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.
Jack owned a conversion apartment in Turvey on the market with a lease of a little over 61 years left. Jack on an informal basis approached his freeholder being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £100 per annum. No ground rent would be payable on a lease extension were Jack to invoke his statutory right. Jack obtained expert legal guidance and secured an acceptable resolution informally and readily saleable.
In 2011 we were contacted by Mr and Mrs. F Turner who, having moved into a purpose-built flat in Turvey in July 1998. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by a further 90 years. Identical homes in Turvey with 100 year plus lease were valued around £168,800. The average amount of ground rent was £60 collected yearly. The lease came to a finish in 2081. Considering the 55 years outstanding we estimated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 plus fees.
Last Summer we were phoned by Mr A Ramírez , who completed a ground floor apartment in Turvey in June 2003. The dilemma was if we could estimate the price could be to extend the lease by a further 90 years. Comparable properties in Turvey with 100 year plus lease were worth £235,200. The mid-range ground rent payable was £45 collected yearly. The lease lapsed on 21 May 2092. Having 66 years left we estimated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 not including professional charges.