With a domestic leasehold property in Castleton and Blacktown, you are in fact renting it for a certain amount of time. Modern 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 may think about extending the lease sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease becomes disproportionately greater notably once there are fewer than 80 years remaining. Anyone in Castleton and Blacktown with a lease approaching 81 years left should seriously think of extending it sooner as opposed to later. When the lease term has less than 80 years remaining, under the current legislation the landlord is entitled to calculate and demand a larger amount, assessed on a technical computation, known as “marriage value” which is due.
Leasehold premises in Castleton and Blacktown with more than one hundred years outstanding on the lease are often referred to as ‘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 buying the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Barclays plc | |
| Leeds Building Society | |
| Skipton Building Society |
Lease extensions in Castleton and Blacktown can be a difficult process. We recommend you secure 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 a wealth of experience dealing with Castleton and Blacktown lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jayden owned a high value flat in Castleton and Blacktown being marketed with a lease of a few days over 59 years remaining. Jayden informally approached his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £200 annually. No ground rent would be payable on a lease extension were Jayden to invoke his statutory right. Jayden procured expert advice and secured satisfactory resolution without resorting to tribunal and readily saleable.
In 2012 we were e-mailed by Ms J Turner who, having owned a one bedroom apartment in Castleton and Blacktown in November 2001. We are asked if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Comparable properties in Castleton and Blacktown with an extended lease were in the region of £191,400. The average ground rent payable was £55 billed monthly. The lease elapsed on 16 September 2080. Having 54 years outstanding we approximated the compensation to the landlord to extend the lease to be between £34,200 and £39,600 plus legals.
Mr and Mrs. Y Lambert bought a purpose-built apartment in Castleton and Blacktown in November 2002. We are asked if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Comparative flats in Castleton and Blacktown with an extended lease were worth £295,000. The average amount of ground rent was £45 billed annually. The lease came to a finish on 22 September 2100. Given that there were 74 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 not including legals.