Beaufort leases on domestic deteriorating in value. Where your lease has about 90 years remaining, you should start considering the need for a lease extension. If lease term is under eighty years, you will then have to pay 50% of the property's 'marriage value' in addition to the standard cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Beaufort will usually qualify for a lease extension; however a solicitor will confirm if you qualify. In certain situations you may not be entitled. There are prescribed timetables and procedures to comply with once the process is triggered so it’s wise to be guided by a lawyer during the process.
It is generally accepted that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Virgin | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a landlord in Beaufort,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 Beaufort valuers.
Dexter owned a 2 bedroom flat in Beaufort on the market with a lease of a few days over 72 years unexpired. Dexter on an informal basis spoke with his landlord being a well known local-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 per annum. Ordinarily, ground rent would not be due on a lease extension were Dexter to exercise his statutory right. Dexter procured expert legal guidance and was able to make an informed decision and handle with the matter and ending up with a market value flat.
Dr Charlie Gómez took over the lease of a purpose-built flat in Beaufort in August 2001. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by an additional years. Comparative residencies in Beaufort with an extended lease were worth £290,000. The average amount of ground rent was £45 invoiced every twelve months. The lease ended on 23 July 2099. Given that there were 73 years unexpired we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of fees.
Last November we were e-mailed by Ms Sian Lewis , who acquired a one bedroom apartment in Beaufort in May 2009. The dilemma was if we could shed any light on how much (approximately) price could be to prolong the lease by ninety years. Identical flats in Beaufort with 100 year plus lease were worth £240,600. The mid-range amount of ground rent was £60 collected quarterly. The lease terminated in 2088. Considering the 62 years remaining we calculated the premium to the landlord for the lease extension to be within £21,900 and £25,200 plus fees.