There is no doubt about it a leasehold flat or house in Calcot and Tilehurst is a wasting asset as a result of the diminishing lease term. Where the lease has, in excess of 99 years remaining then this decrease may be negligible however there will become a point in time when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main logic behind why you should consider extending sooner rather than later. Many flat owners in Calcot and Tilehurst will qualify for this right; that being said a lawyer will be able to advise if you qualify to extend your lease. 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 conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Godiva Mortgages | |
| Halifax | |
| Santander | |
| Virgin |
Regardless of whether you are a tenant or a landlord in Calcot and Tilehurst,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 Calcot and Tilehurst valuers.
In recent months Jackson, came seriously close to the 80-year threshold with the lease on his one bedroom apartment in Calcot and Tilehurst. Having purchased his home 19 years previously, the length of the lease was of no interest. Luckily, he noticed he needed to take steps soon on a lease extension. Jackson was able to extend his lease just in the nick of time in August. Jackson and the freeholder via the managing agents subsequently agreed on the final figure of £5,500 . If the lease had slipped below eighty years, the figure would have escalated by at least £850.
Last August we were phoned by Mr and Mrs. V Rodríguez , who owned a first floor flat in Calcot and Tilehurst in January 2012. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by 90 years. Identical residencies in Calcot and Tilehurst with a long lease were worth £280,000. The mid-range ground rent payable was £55 collected monthly. The lease lapsed in 2104. Having 78 years left we calculated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 not including expenses.
Last Summer we were contacted by Dr Nathaniel Morgan , who owned a one bedroom apartment in Calcot and Tilehurst in June 2008. We are asked if we could approximate the premium could be for a 90 year lease extension. Identical homes in Calcot and Tilehurst with 100 year plus lease were valued about £186,000. The mid-range ground rent payable was £65 billed monthly. The lease expired on 24 April 2084. Having 58 years as a residual term we approximated the premium to the landlord for the lease extension to be between £24,700 and £28,600 not including costs.