When it comes to residential leasehold property in Catton, 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. Many leasehold owners become complacent as this seems like a long period of time, you may think about a lease extension sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly especially when there are less than 80 years left. Anyone in Catton with a lease drawing near to 81 years left should seriously think of extending it sooner as opposed to later. Once the lease term has under 80 years outstanding, under the relevant Act the landlord can calculate and charge a greater premium, based on a technical computation, known as “marriage value” which is payable.
Leasehold residencies in Catton with over one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| National Westminster Bank | |
| Skipton Building Society | |
| The Mortgage Works | |
| Virgin |
The conveyancers that we work with undertake Catton lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
Off the back of unsuccessful discussions with the landlord of her garden flat in Catton, Amelia started the lease extension process just as her lease was coming close to the crucial eighty-year deadline. The lease extension was concluded in January 2013. The freeholder’s costs were kept to an absolute minimum.
Ms H Moreau owned a purpose-built apartment in Catton in February 2004. We are asked if we could estimate the premium could be to prolong the lease by an additional years. Similar premises in Catton with 100 year plus lease were in the region of £295,000. The average ground rent payable was £45 invoiced monthly. The lease terminated on 16 May 2100. Having 74 years remaining we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 plus fees.
Mr and Mrs. F Díaz purchased a recently refurbished flat in Catton in July 1998. The question was if we could estimate the premium would likely be to prolong the lease by a further 90 years. Comparative premises in Catton with a long lease were in the region of £243,000. The mid-range amount of ground rent was £65 collected per annum. The lease elapsed in 2089. Having 63 years left we calculated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 plus legals.