With a long leasehold premises in Codsall, you are actually buying a right to live in a property for a set period of time. These days flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you may think about a lease extension sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly notably once there are less than 80 years remaining. Leasehold owners in Codsall with a lease drawing near to 81 years unexpired should seriously think of extending it without delay. Once a lease has fewer than eighty years remaining, under the current legislation the landlord can calculate and demand a larger premium, based on a technical calculation, known as “marriage value” which is payable.
It is generally considered that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Godiva Mortgages | |
| Santander | |
| Skipton Building Society | |
| Virgin |
Lease extensions in Codsall can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor with experience in lease extensions.
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 Codsall lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Daniel owned a 2 bedroom flat in Codsall on the market with a lease of a few days over fifty eight years unexpired. Daniel informally spoke with his landlord a well known local-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Daniel to invoke his statutory right. Daniel procured expert legal guidance and was able to make an informed decision and handle with the matter and readily saleable.
Ms L Lee was assigned a lease of a ground floor flat in Codsall in October 1997. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by ninety years. Similar homes in Codsall with 100 year plus lease were in the region of £270,000. The mid-range amount of ground rent was £55 billed annually. The lease expired on 19 June 2101. Taking into account 75 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including legals.
Ms E Evans took over the lease of a one bedroom apartment in Codsall in May 2002. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by 90 years. Similar premises in Codsall with an extended lease were worth £168,800. The average amount of ground rent was £60 billed yearly. The lease termination date was on 15 July 2081. Given that there were 55 years unexpired we approximated the premium to the landlord to extend the lease to be within £30,400 and £35,200 plus fees.