When it comes to residential leasehold property in Castle Bromwich, you are in fact renting it for a certain amount of time. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you may think about a lease extension sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease becomes disproportionately more expensive particularly when there are fewer than eighty years left. Leasehold owners in Castle Bromwich with a lease approaching 81 years remaining should seriously consider extending it sooner as opposed to later. Once the lease term has under eighty years left, under the current legislation the landlord can calculate and demand a larger premium, assessed on a technical computation, strangely termed as “marriage value” which is due.
It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Nationwide Building Society | |
| Yorkshire Building Society |
Lease extensions in Castle Bromwich can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Castle Bromwich lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to unsuccessful correspondence with the landlord of her ground floor flat in Castle Bromwich, Maisie initiated the lease extension process as the 80 year deadline was swiftly coming. The legal work was finalised in April 2013. The landlord’s costs were kept to an absolute minimum.
Mrs P Brown moved into a one bedroom flat in Castle Bromwich in February 2001. We are asked if we could approximate the price would be to extend the lease by a further 90 years. Identical properties in Castle Bromwich with an extended lease were valued about £233,200. The mid-range amount of ground rent was £60 invoiced monthly. The lease lapsed in 2087. Given that there were 61 years outstanding we approximated the premium to the freeholder for the lease extension to be between £22,800 and £26,400 not including expenses.
In 2012 we were contacted by Dr I Johnson who, having completed a garden flat in Castle Bromwich in September 2000. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Similar properties in Castle Bromwich with a long lease were worth £171,800. The mid-range amount of ground rent was £55 collected monthly. The lease expired in 2076. Taking into account 50 years left we estimated the premium to the landlord for the lease extension to be between £33,300 and £38,400 not including legals.