With a domestic leasehold property in South Woodham Ferrers, you are actually buying a right to live in a property for a set period of time. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you may consider a lease extension 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 especially when there are less than 80 years left. Leasehold owners in South Woodham Ferrers with a lease approaching 81 years unexpired should seriously think of extending it as soon as possible. Once a lease has less than 80 years remaining, under the relevant legislation the freeholder is entitled to calculate and demand a larger amount, based on a technical calculation, strangely termed as “marriage value” which is due.
Leasehold properties in South Woodham Ferrers with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘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 to be gained by purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in South Woodham Ferrers can be a difficult process. We recommend you procure professional help from a conveyancer and valuer with experience in this area.
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 in-depth market knowledge dealing with South Woodham Ferrers lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In recent months Charlie, came seriously near to the eighty-year mark with the lease on his first floor apartment in South Woodham Ferrers. Having purchased his property two decades ago, the unexpired term was of little importance. Luckily, he noticed he needed to take action soon on Extending the lease. Charlie arranged for a lease extension just ahead of time in July. Charlie and the freeholder in the end settled on sum of £5,000 . If he not met the deadline, the figure would have gone up by a minimum £925.
Dr Phoebe Sharif took over the lease of a ground floor flat in South Woodham Ferrers in July 2003. We are asked if we could estimate the premium would likely be to extend the lease by 90 years. Identical flats in South Woodham Ferrers with an extended lease were in the region of £225,400. The average amount of ground rent was £45 collected yearly. The lease termination date was in 2089. Considering the 64 years as a residual term we approximated the premium to the landlord to extend the lease to be between £15,200 and £17,600 not including costs.
In 2014 we were called by Mr and Mrs. S Moore who, having moved into a ground floor flat in South Woodham Ferrers in October 2000. The question was if we could shed any light on how much (approximately) premium would likely be for a ninety year extension to my lease. Similar premises in South Woodham Ferrers with 100 year plus lease were in the region of £270,000. The mid-range ground rent payable was £55 billed every twelve months. The lease ran out on 15 January 2100. Having 75 years remaining we calculated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 not including expenses.