With a long leasehold premises in Andover, you are in fact renting it for a certain amount of time. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should think about extending the lease 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 less than eighty years left. Leasehold owners in Andover with a lease drawing near to 81 years unexpired should seriously think of extending it sooner as opposed to later. When a lease has fewer than eighty years remaining, under the relevant Act the freeholder can calculate and demand a larger premium, based on a technical calculation, strangely termed as “marriage value” which is payable.
Leasehold premises in Andover with in excess of 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Leeds Building Society | |
| Skipton Building Society | |
| TSB |
Lease extensions in Andover can be a difficult process. We recommend you get guidance from a conveyancer and valuer with experience in lease extensions.
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 a wealth of experience dealing with Andover lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Luca was the the leasehold proprietor of a studio apartment in Andover on the market with a lease of a few days over fifty eight years remaining. Luca informally spoke with his landlord a well known Bristol-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 new rent to start with set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Luca to invoke his statutory right. Luca procured expert legal guidance and secured satisfactory deal informally and readily saleable.
Last Christmas we were contacted by Mr and Mrs. N Norbert , who took over the lease of a recently refurbished flat in Andover in July 1997. We are asked if we could shed any light on how much (roughly) premium could be to prolong the lease by an additional years. Similar properties in Andover with 100 year plus lease were in the region of £275,000. The average ground rent payable was £55 billed annually. The lease elapsed in 2103. Having 77 years remaining we approximated the premium to the landlord for the lease extension to be between £13,300 and £15,400 not including fees.
Ms B Ramírez bought a purpose-built flat in Andover in January 2004. We are asked if we could shed any light on how much (roughly) premium could be to extend the lease by an additional years. Comparable properties in Andover with 100 year plus lease were in the region of £183,600. The average ground rent payable was £65 billed per annum. The lease concluded on 23 July 2083. Given that there were 57 years left we approximated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 plus professional charges.