With a domestic leasehold property in Billingshurst, you are actually purchasing a right to reside in a property for a prescribed time frame. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should think about a lease extension sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease becomes disproportionately greater particularly when there are fewer than eighty years remaining. Residents in Billingshurst with a lease nearing 81 years unexpired should seriously think of extending it as soon as possible. When the lease term has below 80 years outstanding, under the relevant legislation the landlord can calculate and charge a larger amount, based on a technical multiplication, known as “marriage value” which is payable.
It is conventional wisdom that a property with over 100 years remaining is worth roughly the equivalent 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 ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| Leeds Building Society | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Irrespective of whether you are a tenant or a landlord in Billingshurst,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Billingshurst valuers.
In the wake of 6 months of lengthy correspondence with the freeholder of her leasehold flat in Billingshurst, Charlotte commenced the lease extension process as the 80 year threshold was swiftly coming. The legal work was finalised in July 2009. The landlord’s charges were restricted to less than 600 GBP.
Last Spring we were phoned by Ms P Morel , who moved into a garden apartment in Billingshurst in August 1998. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by an additional years. Comparable properties in Billingshurst with a long lease were in the region of £295,000. The average ground rent payable was £45 invoiced quarterly. The lease expired in 2100. Taking into account 74 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 not including expenses.
Mrs W Jones owned a one bedroom apartment in Billingshurst in September 2009. We are asked if we could estimate the price would likely be for a 90 year lease extension. Similar flats in Billingshurst with an extended lease were valued around £243,000. The average amount of ground rent was £65 billed quarterly. The lease terminated on 5 January 2089. Given that there were 63 years outstanding we approximated the premium to the landlord to extend the lease to be within £20,000 and £23,000 not including professional charges.