When it comes to residential leasehold property in Castle Vale, you are in fact renting it for a certain period of time. 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 as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately greater notably once there are less than 80 years left. Leasehold owners in Castle Vale with a lease drawing near to 81 years left should seriously consider extending it sooner as opposed to later. When the lease term has under eighty years outstanding, under the relevant statute the freeholder can calculate and demand a larger amount, based on a technical calculation, strangely termed as “marriage value” which is payable.
It is generally considered that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Halifax | |
| Skipton Building Society | |
| The Mortgage Works | |
| Virgin |
Engaging our service gives you increased control over the value of your Castle Vale leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Following lengthy negotiations with the freeholder of her purpose-built apartment in Castle Vale, Laura commenced the lease extension process just as her lease was approaching the all-important eighty-year mark. The lease extension was finalised in November 2006. The landlord’s fees were kept to an absolute minimum.
Dr Logan López acquired a basement apartment in Castle Vale in April 2009. The question was if we could shed any light on how much (roughly) premium could be to prolong the lease by ninety years. Identical homes in Castle Vale with an extended lease were in the region of £232,800. The average ground rent payable was £45 collected per annum. The lease finished in 2091. Considering the 65 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 plus legals.
Last Summer we were approach by Ms Millie Rivera , who took over the lease of a basement flat in Castle Vale in August 2009. The question was if we could approximate the premium would likely be for a ninety year extension to my lease. Identical homes in Castle Vale with 100 year plus lease were worth £275,000. The mid-range amount of ground rent was £55 collected monthly. The lease elapsed on 2 February 2102. Taking into account 76 years left we estimated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 plus legals.