There is no doubt about it a leasehold flat or house in Avonmouth is a wasting asset as a result of the diminishing lease term. If the lease has, in excess of 99 years remaining then this decrease may be fractional however there will become a stage when a lease has less than 80 years unexpired 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 primary rational as to why you should extend the lease sooner as opposed to later. Most flat owners in Avonmouth will meet the qualifying criteria; however a conveyancing solicitor will be able to confirm if you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Skipton Building Society |
Irrespective of whether you are a tenant or a landlord in Avonmouth,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Avonmouth valuers.
Connor was the the leasehold proprietor of a 2 bedroom apartment in Avonmouth on the market with a lease of fraction over 59 years remaining. Connor informally spoke with his landlord 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 subject to an increased rent to £100 yearly. Ordinarily, ground rent would not be due on a lease extension were Connor to exercise his statutory right. Connor obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.
In 2012 we were approached by Dr Rory Watson who, having owned a basement flat in Avonmouth in July 2003. The dilemma was if we could estimate the compensation to the landlord would be for a 90 year lease extension. Similar premises in Avonmouth with 100 year plus lease were worth £256,600. The average amount of ground rent was £60 collected every twelve months. The lease terminated on 20 November 2078. Having 52 years outstanding we calculated the premium to the landlord to extend the lease to be within £39,000 and £45,000 exclusive of costs.
Mr and Mrs. A Miller bought a basement apartment in Avonmouth in May 2003. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by a further 90 years. Comparable residencies in Avonmouth with 100 year plus lease were worth £218,000. The mid-range amount of ground rent was £45 collected every twelve months. The lease came to a finish in 2089. Given that there were 63 years remaining we estimated the premium to the freeholder to extend the lease to be within £17,100 and £19,800 not including costs.