When it comes to residential leasehold property in Leconfield, 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. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may consider a lease extension sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease becomes disproportionately more expensive notably once there are fewer than 80 years left. Leasehold owners in Leconfield with a lease drawing near to 81 years unexpired should seriously consider extending it as soon as possible. Once the lease term has below 80 years left, under the current statute the freeholder is entitled to calculate and charge a greater amount, based on a technical multiplication, strangely termed as “marriage value” which is payable.
It is generally considered that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Coventry Building Society | |
| Skipton Building Society | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
The conveyancers that we work with undertake Leconfield 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 conveyancer we work with provide it.
Hunter owned a studio apartment in Leconfield on the market with a lease of a few days over 61 years unexpired. Hunter on an informal basis contacted his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 yearly. No ground rent would be payable on a lease extension were Hunter to exercise his statutory right. Hunter procured expert legal guidance and was able to make an informed decision and handle with the matter and sell the flat.
In 2011 we were contacted by Mr and Mrs. O Bell who, having took over the lease of a garden apartment in Leconfield in September 2011. We are asked if we could approximate the price would likely be for a ninety year lease extension. Similar properties in Leconfield with an extended lease were in the region of £256,600. The mid-range ground rent payable was £60 collected quarterly. The lease finished on 21 February 2078. Considering the 52 years unexpired we approximated the premium to the landlord to extend the lease to be within £39,000 and £45,000 exclusive of expenses.
Mr and Mrs. Y Gómez completed a garden flat in Leconfield in February 2007. The question was if we could shed any light on how much (approximately) premium would be to extend the lease by an additional years. Identical flats in Leconfield with 100 year plus lease were in the region of £218,000. The mid-range amount of ground rent was £45 invoiced monthly. The lease ran out in 2089. Having 63 years left we estimated the premium to the landlord for the lease extension to be between £17,100 and £19,800 exclusive of costs.