When it comes to domestic leasehold premises in Shirehampton, you are in fact renting it for a certain amount of time. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you should think about extending the lease sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease becomes disproportionately greater notably once there are fewer than 80 years remaining. Residents in Shirehampton with a lease nearing 81 years remaining should seriously consider extending it without delay. When the lease term has below 80 years left, under the relevant legislation the landlord can calculate and levy a larger amount, assessed on a technical computation, strangely termed as “marriage value” which is payable.
Leasehold properties in Shirehampton with in excess of 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| National Westminster Bank |
Engaging our service gives you enhanced control over the value of your Shirehampton leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Trailing protracted negotiations with the landlord of her two bedroom apartment in Shirehampton, Isabelle initiated the lease extension process just as the lease was nearing the crucial eighty-year deadline. The lease extension was concluded in June 2013. The freeholder’s charges were restricted to a tad over 550 pounds.
In 2012 we were called by Mr and Mrs. G Thomas who, having purchased a one bedroom apartment in Shirehampton in June 1998. The dilemma was if we could shed any light on how much (roughly) premium could be for a 90 year lease extension. Comparative properties in Shirehampton with an extended lease were valued about £191,000. The mid-range amount of ground rent was £65 invoiced quarterly. The lease ended on 19 July 2084. Considering the 58 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £23,800 and £27,400 exclusive of costs.
Mr and Mrs. O Mason was assigned a lease of a garden apartment in Shirehampton in September 2007. We are asked if we could estimate the premium would likely be to extend the lease by an additional years. Comparative homes in Shirehampton with 100 year plus lease were in the region of £250,000. The average amount of ground rent was £50 billed annually. The lease expired on 23 January 2095. Given that there were 69 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 plus legals.