When it comes to long leasehold premises in Beaworthy, you are in fact renting it for a certain period of time. Modern flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you should consider extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease gets disproportionately greater especially once there are less than eighty years remaining. Leasehold owners in Beaworthy with a lease approaching 81 years left should seriously think of extending it sooner than later. Once a lease has under 80 years remaining, under the current statute the freeholder is entitled to calculate and levy a greater premium, assessed on a technical computation, known as “marriage value” which is due.
Leasehold properties in Beaworthy with in excess of one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Halifax | |
| The Mortgage Works | |
| Virgin | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a freeholder in Beaworthy,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Beaworthy valuers.
Subsequent to protracted correspondence with the landlord of her purpose-built flat in Beaworthy, Naomi commenced the lease extension process just as her lease was coming close to the crucial eighty-year threshold. The lease extension completed in September 2008. The landlord’s charges were restricted to slightly above 500 pounds.
Mr N Martinez acquired a purpose-built flat in Beaworthy in January 1998. We are asked if we could estimate the price would likely be to extend the lease by ninety years. Comparable premises in Beaworthy with an extended lease were in the region of £242,600. The average ground rent payable was £45 billed monthly. The lease lapsed on 17 July 2093. Having 67 years unexpired we approximated the premium to the freeholder to extend the lease to be within £11,400 and £13,200 plus fees.
Last July we were e-mailed by Mr and Mrs. S Johnson , who bought a one bedroom flat in Beaworthy in November 2005. The dilemma was if we could shed any light on how much (approximately) price would likely be for a ninety year lease extension. Identical flats in Beaworthy with a long lease were worth £280,000. The mid-range ground rent payable was £55 collected yearly. The lease elapsed on 9 July 2104. Given that there were 78 years unexpired we calculated the premium to the landlord to extend the lease to be between £13,300 and £15,400 not including costs.