There is no doubt about it a leasehold flat or house in Avonmouth is a wasting asset as a result of the shortening lease. If the lease has, over 125 years to run then this decrease may be fractional however there will become a stage when a lease has fewer than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main rational as to why you should extend the lease sooner than later. The majority of flat owners in Avonmouth will meet the qualifying criteria; however a lawyer should be able to confirm if you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is generally considered that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Royal Bank of Scotland |
Irrespective of whether you are a tenant or a freeholder in Avonmouth,the lease extension solicitors 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.
Jack was the the leasehold owner of a conversion flat in Avonmouth being sold with a lease of a few days over 72 years unexpired. Jack informally approached his landlord being a well known local-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £125 yearly. Ordinarily, ground rent would not be due on a lease extension were Jack to exercise his statutory right. Jack procured expert advice and was able to make a more informed decision and handle with the matter and readily saleable.
Last month we were phoned by Dr Ellen Mercier , who owned a recently refurbished flat in Avonmouth in July 1996. The question was if we could approximate the premium would likely be to extend the lease by 90 years. Comparable residencies in Avonmouth with an extended lease were valued around £245,000. The mid-range ground rent payable was £50 collected quarterly. The lease came to a finish in 2094. Taking into account 68 years unexpired we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 plus professional charges.
In 2010 we were approached by Mr and Mrs. P Patel who, having moved into a one bedroom apartment in Avonmouth in November 2006. We are asked if we could approximate the premium would likely be for a ninety year extension to my lease. Comparative properties in Avonmouth with an extended lease were valued about £285,000. The average ground rent payable was £55 billed quarterly. The lease ran out on 24 September 2105. Considering the 79 years unexpired we estimated the premium to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of legals.