With a long leasehold property in Blaina, you are in fact renting it for a certain period of time. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should consider a lease extension sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly especially when there are fewer than 80 years left. Anyone in Blaina with a lease nearing 81 years unexpired should seriously think of extending it sooner as opposed to later. When a lease has fewer than 80 years outstanding, under the current Act the landlord can calculate and charge a larger premium, based on a technical calculation, strangely termed as “marriage value” which is due.
Leasehold premises in Blaina with over one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| Halifax | |
| Nationwide Building Society |
Lease extensions in Blaina can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Blaina lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Seth was the the leasehold owner of a conversion apartment in Blaina being marketed with a lease of a few days over 59 years remaining. Seth on an informal basis spoke with his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £200 yearly. No ground rent would be due on a lease extension were Seth to invoke his statutory right. Seth obtained expert advice and secured satisfactory resolution without resorting to tribunal and ending up with a market value flat.
In 2009 we were contacted by Ms Holly Young who, having acquired a studio apartment in Blaina in September 2012. We are asked if we could estimate the compensation to the landlord would be for a 90 year lease extension. Comparable residencies in Blaina with 100 year plus lease were in the region of £250,400. The average ground rent payable was £65 invoiced yearly. The lease concluded in 2090. Considering the 64 years remaining we estimated the compensation to the landlord to extend the lease to be between £19,000 and £22,000 plus expenses.
In 2014 we were called by Mr and Mrs. U Carter who, having took over the lease of a one bedroom flat in Blaina in October 2009. We are asked if we could estimate the price could be to prolong the lease by ninety years. Identical residencies in Blaina with an extended lease were in the region of £189,000. The average amount of ground rent was £55 billed every twelve months. The lease ran out in 2079. Having 53 years left we calculated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 not including professional charges.