When it comes to residential leasehold property in Albrighton, 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 consider a lease extension sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive notably when there are fewer than 80 years left. Leasehold owners in Albrighton with a lease nearing 81 years unexpired should seriously consider extending it without delay. When a lease has fewer than 80 years outstanding, under the current Act the landlord can calculate and demand a greater premium, based on a technical calculation, known as “marriage value” which is payable.
Leasehold properties in Albrighton with in excess of 100 years outstanding 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 premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| Santander | |
| Royal Bank of Scotland |
Retaining our service gives you increased control over the value of your Albrighton leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Henry was the the leasehold proprietor of a studio apartment in Albrighton being marketed with a lease of just over 59 years left. Henry informally contacted his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Henry to invoke his statutory right. Henry procured expert legal guidance and was able to make a more informed judgement and deal with the matter and readily saleable.
Last Autumn we were e-mailed by Mr and Mrs. J Pérez , who moved into a one bedroom apartment in Albrighton in October 2008. The dilemma was if we could approximate the premium would be to prolong the lease by an additional years. Similar homes in Albrighton with an extended lease were worth £233,200. The average amount of ground rent was £60 collected monthly. The lease lapsed in 2087. Considering the 61 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £22,800 and £26,400 exclusive of professional charges.
Last Autumn we were phoned by Mrs Kate Norbert , who acquired a studio flat in Albrighton in May 2004. The dilemma was if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Similar residencies in Albrighton with an extended lease were worth £166,800. The mid-range amount of ground rent was £50 billed every twelve months. The lease came to a finish on 26 June 2076. Given that there were 50 years left we approximated the compensation to the landlord for the lease extension to be between £32,300 and £37,400 exclusive of legals.