When it comes to long leasehold premises in Westbury Park, you are actually buying a right to reside in a property for a set period of time. Modern 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 rather than later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly especially when there are fewer than 80 years left. Leasehold owners in Westbury Park with a lease nearing 81 years unexpired should seriously consider extending it as soon as possible. Once the lease term has below 80 years remaining, under the relevant Act the landlord can calculate and demand a greater premium, based on a technical computation, known as “marriage value” which is payable.
It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| Nationwide Building Society | |
| Skipton Building Society | |
| Yorkshire Building Society |
Using our service will provide you enhanced control over the value of your Westbury Park leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Nathaniel was the the leasehold proprietor of a high value apartment in Westbury Park being marketed with a lease of a little over fifty eight years remaining. Nathaniel on an informal basis spoke with his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 per annum. Ordinarily, ground rent would not be payable on a lease extension were Nathaniel to exercise his statutory right. Nathaniel obtained expert legal guidance and secured an acceptable deal without resorting to tribunal and readily saleable.
In 2012 we were called by Dr Chloe Bell who, having took over the lease of a garden apartment in Westbury Park in October 2009. We are asked if we could approximate the compensation to the landlord would be to extend the lease by 90 years. Similar residencies in Westbury Park with a long lease were valued around £275,000. The average ground rent payable was £65 collected monthly. The lease finished on 23 October 2094. Given that there were 68 years remaining we calculated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of legals.
Mrs Samantha Davies acquired a one bedroom flat in Westbury Park in July 2012. The question was if we could shed any light on how much (approximately) premium would be for a ninety year lease extension. Comparative premises in Westbury Park with an extended lease were in the region of £208,600. The mid-range amount of ground rent was £60 billed monthly. The lease ended on 24 July 2083. Taking into account 57 years remaining we estimated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 plus expenses.