With a domestic leasehold premises in Blackwood, you are actually buying a right to live 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 may consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly particularly once there are fewer than 80 years remaining. Leasehold owners in Blackwood with a lease approaching 81 years left should seriously think of extending it sooner rather than later. When a lease has below 80 years outstanding, under the current Act the landlord can calculate and demand a greater premium, assessed on a technical calculation, strangely termed as “marriage value” which is due.
Leasehold properties in Blackwood with in excess of 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Halifax | |
| Nationwide Building Society | |
| Virgin | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a freeholder in Blackwood,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Blackwood valuers.
Last Autumn Leon, came perilously near to the 80-year threshold with the lease on his basement flat in Blackwood. Having purchased his home two decades ago, the length of the lease was of no bearing. by good luck, he recognised he needed to take steps soon on a lease extension. Leon was able to extend his lease at the eleventh hour last April. Leon and the landlord who owned the flat above in the end settled on the final figure of £5,000 . If the lease had fallen lower than 80 years, the premium would have gone up by at least £950.
Mr F Anderson was assigned a lease of a basement flat in Blackwood in September 2012. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by a further 90 years. Similar homes in Blackwood with an extended lease were valued around £206,200. The mid-range amount of ground rent was £60 billed monthly. The lease came to a finish on 3 May 2082. Taking into account 56 years remaining we estimated the premium to the freeholder to extend the lease to be within £32,300 and £37,400 plus legals.
Last August we were e-mailed by Dr Alisha Moreau , who completed a first floor flat in Blackwood in September 2001. The dilemma was if we could estimate the price could be to extend the lease by an additional years. Identical properties in Blackwood with an extended lease were valued about £300,000. The average ground rent payable was £50 invoiced yearly. The lease elapsed on 11 January 2102. Considering the 76 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 plus costs.