When it comes to domestic leasehold premises in Askam In Furness, you are actually purchasing an entitlement to reside in a property for a set period of time. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you should think about extending the lease sooner rather than 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 remaining. Leasehold owners in Askam In Furness with a lease nearing 81 years unexpired should seriously think of extending it without delay. Once a lease has fewer than 80 years left, under the relevant legislation the landlord is entitled to calculate and charge a greater amount, assessed on a technical multiplication, known as “marriage value” which is payable.
It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Leeds Building Society | |
| Skipton Building Society | |
| The Mortgage Works | |
| Virgin |
Regardless of whether you are a tenant or a freeholder in Askam In Furness,the lease extension experts 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 Askam In Furness valuers.
Eliot owned a studio apartment in Askam In Furness on the market with a lease of a little over 59 years remaining. Eliot informally spoke with his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £100 yearly. No ground rent would be due on a lease extension were Eliot to exercise his statutory right. Eliot procured expert legal guidance and was able to make an informed judgement and deal with the matter and readily saleable.
In 2011 we were e-mailed by Mr and Mrs. B Morris who, having moved into a studio flat in Askam In Furness in April 2005. The dilemma was if we could estimate the premium would likely be to prolong the lease by an additional years. Comparable flats in Askam In Furness with 100 year plus lease were in the region of £275,000. The mid-range amount of ground rent was £65 billed yearly. The lease came to a finish in 2094. Given that there were 68 years outstanding we approximated the premium to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of costs.
In 2012 we were approached by Mr and Mrs. I Rose who, having acquired a basement flat in Askam In Furness in October 2008. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year extension to my lease. Comparable flats in Askam In Furness with an extended lease were in the region of £208,600. The average amount of ground rent was £60 billed quarterly. The lease lapsed in 2083. Having 57 years left we estimated the premium to the landlord to extend the lease to be between £30,400 and £35,200 not including legals.