When it comes to long leasehold premises in Greenfield, you are actually purchasing a right to live in a property for a prescribed time frame. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may think about a lease extension sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly especially once there are fewer than eighty years remaining. Leasehold owners in Greenfield with a lease approaching 81 years remaining should seriously consider extending it without delay. When the lease term has below 80 years outstanding, under the relevant statute the freeholder is entitled to calculate and levy a greater amount, assessed on a technical calculation, known as “marriage value” which is payable.
Leasehold premises in Greenfield with over one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Coventry Building Society | |
| Halifax | |
| National Westminster Bank | |
| Santander |
Irrespective of whether you are a tenant or a freeholder in Greenfield,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Greenfield valuers.
Milo owned a conversion apartment in Greenfield being marketed with a lease of a little over fifty eight years unexpired. Milo on an informal basis approached his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 yearly. Ordinarily, ground rent would not be due on a lease extension were Milo to exercise his statutory right. Milo obtained expert legal guidance and secured an acceptable deal without going to tribunal and sell the property.
Mr and Mrs. W Bernard purchased a first floor flat in Greenfield in August 2011. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by a further 90 years. Identical properties in Greenfield with a long lease were worth £265,000. The mid-range amount of ground rent was £50 billed yearly. The lease lapsed on 9 August 2099. Given that there were 73 years left we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of legals.
Last Summer we were called by Dr G Taylor , who completed a ground floor flat in Greenfield in July 1996. We are asked if we could shed any light on how much (approximately) price could be to extend the lease by a further 90 years. Identical properties in Greenfield with a long lease were valued around £264,000. The average ground rent payable was £60 billed per annum. The lease ended in 2079. Taking into account 53 years outstanding we calculated the compensation to the landlord for the lease extension to be within £37,100 and £42,800 not including professional charges.