Cherry Burton leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Cherry Burton residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Cherry Burton you should see if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value
Leasehold premises in Cherry Burton with over 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Godiva Mortgages | |
| Halifax | |
| Virgin | |
| Yorkshire Building Society |
Using our service gives you enhanced control over the value of your Cherry Burton leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Teddy was the the leasehold proprietor of a studio apartment in Cherry Burton on the market with a lease of a little over 72 years outstanding. Teddy on an informal basis spoke with his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Teddy to exercise his statutory right. Teddy procured expert legal guidance and was able to make a more informed judgement and handle with the matter and sell the flat.
Dr Mollie Thomas moved into a basement apartment in Cherry Burton in June 2003. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Comparative residencies in Cherry Burton with 100 year plus lease were worth £210,600. The mid-range ground rent payable was £45 billed quarterly. The lease ended in 2088. Taking into account 62 years unexpired we calculated the premium to the landlord to extend the lease to be within £18,100 and £20,800 not including professional charges.
Mr Joseph Laurent owned a one bedroom apartment in Cherry Burton in August 2001. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by an additional years. Similar homes in Cherry Burton with an extended lease were worth £265,000. The average ground rent payable was £50 billed annually. The lease ran out on 20 February 2099. Having 73 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including fees.