The closer a residential lease in Addiscombe nears to zero years unexpired, the more it reduces the value of the property. Where the lease has, beyond 99 years to run then this decrease may be of little impact however there will become a stage when a lease has less than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main rational as to why you should consider extending without delay. The majority of flat owners in Addiscombe will meet the qualifying criteria; nevertheless a lawyer can advise whether you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold residencies in Addiscombe 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 situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Chelsea Building Society | |
| TSB | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a landlord in Addiscombe,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 in-depth market knowledge and the close ties they enjoy with Addiscombe valuers.
Aarav owned a conversion apartment in Addiscombe being sold with a lease of a few days over fifty eight years outstanding. Aarav informally contacted his freeholder a well known Manchester-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 on the basis of a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Aarav to invoke his statutory right. Aarav obtained expert legal guidance and secured satisfactory deal without going to tribunal and ending up with a market value flat.
Mr and Mrs. K Green owned a ground floor flat in Addiscombe in June 2005. We are asked if we could shed any light on how much (roughly) premium would be to prolong the lease by an additional years. Comparative premises in Addiscombe with a long lease were worth £256,600. The average amount of ground rent was £60 invoiced monthly. The lease ended in 2078. Given that there were 52 years unexpired we approximated the premium to the freeholder for the lease extension to be within £41,800 and £48,400 not including expenses.
An example of a Freehold Enfranchisement decision for a Addiscombe flat is 29 Woodstock Road in April 2014. the Tribunal determined that the premiums to be paid into court in respect of the purchase of the freehold registered at HMLR under Title N0.SY3997 should be £7,217. This case was in relation to 4 flats. The unexpired residue of the current lease was 98 years.