There is no doubt about it a leasehold property in Caversham Heights is a wasting asset as a result of the shortening lease. Where the lease has, more than one hundred years remaining then this decrease may be of little impact nevertheless there will become a stage when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main logic behind why you should extend the lease without delay. The majority of flat owners in Caversham Heights will meet the qualifying criteria; that being said a conveyancer will be able to confirm whether you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.
Leasehold premises in Caversham Heights with in excess of 100 years left 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 property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Santander | |
| Skipton Building Society | |
| TSB | |
| The Mortgage Works |
Lease extensions in Caversham Heights can be a difficult process. We recommend you get professional help from a lawyer 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 procuring Caversham Heights lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Callum was the the leasehold proprietor of a high value apartment in Caversham Heights being sold with a lease of just over sixty years unexpired. Callum informally contacted his landlord a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £50 annually. No ground rent would be payable on a lease extension were Callum to invoke his statutory right. Callum obtained expert advice and was able to make a more informed decision and deal with the matter and ending up with a market value flat.
Last Summer we were contacted by Mr and Mrs. Y Nelson , who purchased a recently refurbished apartment in Caversham Heights in March 1999. We are asked if we could shed any light on how much (roughly) premium would be for a 90 year extension to my lease. Identical residencies in Caversham Heights with an extended lease were in the region of £186,000. The average ground rent payable was £65 invoiced per annum. The lease ran out in 2084. Considering the 58 years unexpired we calculated the premium to the freeholder for the lease extension to be between £24,700 and £28,600 plus fees.
In 2011 we were called by Mr and Mrs. P Thompson who, having completed a one bedroom apartment in Caversham Heights in March 2000. The question was if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Similar homes in Caversham Heights with 100 year plus lease were valued about £250,000. The average ground rent payable was £50 invoiced annually. The lease came to a finish on 12 August 2095. Considering the 69 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of legals.