When it comes to residential leasehold premises in Cookley, you effectively rent it for a certain period of time. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you may think about a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease becomes disproportionately more expensive especially once there are fewer than eighty years remaining. Anyone in Cookley with a lease nearing 81 years remaining should seriously think of extending it without delay. Once a lease has below 80 years outstanding, under the current statute the landlord is entitled to calculate and charge a greater amount, assessed on a technical multiplication, strangely termed as “marriage value” which is payable.
It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| TSB | |
| Virgin |
Engaging our service gives you enhanced control over the value of your Cookley leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of lengthy correspondence with the landlord of her leasehold flat in Cookley, Francesca started the lease extension process as the 80 year mark was rapidly approaching. The transaction was finalised in May 2013. The landlord’s fees were negotiated to approximately 650 pounds.
Mr and Mrs. G Wilson acquired a ground floor flat in Cookley in July 1998. The dilemma was if we could shed any light on how much (roughly) price could be to extend the lease by an additional years. Comparable homes in Cookley with 100 year plus lease were in the region of £265,000. The mid-range ground rent payable was £55 invoiced quarterly. The lease ended in 2100. Having 74 years remaining we approximated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including fees.
In 2009 we were called by Ms T Davies who, having completed a ground floor flat in Cookley in February 2006. The question was if we could shed any light on how much (roughly) premium would likely be to extend the lease by an additional years. Similar homes in Cookley with a long lease were worth £166,400. The average ground rent payable was £60 collected monthly. The lease terminated on 1 May 2080. Given that there were 54 years outstanding we calculated the compensation to the landlord to extend the lease to be within £32,300 and £37,400 plus fees.