With a domestic leasehold premises in Aldridge, you are actually purchasing an entitlement to live in a property for a prescribed time frame. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may consider a lease extension sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly notably when there are less than 80 years remaining. Residents in Aldridge with a lease drawing near to 81 years left should seriously think of extending it sooner than later. Once a lease has under eighty years remaining, under the relevant statute the landlord is entitled to calculate and charge a greater premium, assessed on a technical calculation, known as “marriage value” which is payable.
Leasehold properties in Aldridge with in excess of 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Leeds Building Society | |
| Skipton Building Society | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Engaging our service gives you enhanced control over the value of your Aldridge leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
16 months ago Jack, came critically near to the eighty-year mark with the lease on his one bedroom apartment in Aldridge. In buying his property 18 years previously, the length of the lease was of minimal bearing. Luckily, he noticed he would imminently be paying way over the odds for a lease extension. Jack arranged for a lease extension at the eleventh hour in March. Jack and the landlord who owned the flat above subsequently settled on the final figure of £5,000 . If the lease had slid to less than eighty years, the premium would have become more costly by a minimum £950.
Mrs Y Williams owned a purpose-built apartment in Aldridge in October 2011. We are asked if we could estimate the price would be to prolong the lease by a further 90 years. Comparative residencies in Aldridge with 100 year plus lease were worth £171,800. The mid-range ground rent payable was £55 collected every twelve months. The lease expired in 2076. Taking into account 50 years unexpired we estimated the premium to the landlord for the lease extension to be between £33,300 and £38,400 plus professional charges.
Mr and Mrs. R Ward purchased a ground floor apartment in Aldridge in January 2004. We are asked if we could shed any light on how much (approximately) price could be to prolong the lease by ninety years. Identical properties in Aldridge with a long lease were valued around £280,000. The average amount of ground rent was £45 collected quarterly. The lease finished in 2096. Having 70 years left we approximated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 plus costs.