With a residential leasehold premises in Corsham, you are in fact renting it for a certain period of time. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you should think about extending the lease sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly particularly once there are fewer than eighty years remaining. Anyone in Corsham with a lease approaching 81 years unexpired should seriously consider extending it as soon as possible. Once a lease has under 80 years remaining, under the relevant legislation the freeholder is entitled to calculate and demand a larger amount, based on a technical multiplication, strangely termed as “marriage value” which is due.
Leasehold properties in Corsham with more than 100 years left 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 purchasing the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Halifax | |
| Leeds Building Society | |
| National Westminster Bank | |
| TSB |
The lawyers that we work with handle Corsham 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.
In the wake of eight months of unsuccessful correspondence with the landlord of her two bedroom apartment in Corsham, Hollie started the lease extension process just as her lease was nearing the critical eighty-year threshold. The lease extension was finalised in April 2010. The landlord’s fees were kept to an absolute minimum.
Mr and Mrs. K Phillips acquired a one bedroom apartment in Corsham in June 2007. We are asked if we could approximate the premium would likely be to extend the lease by 90 years. Comparative properties in Corsham with a long lease were valued around £206,200. The mid-range ground rent payable was £60 collected per annum. The lease terminated on 22 May 2082. Considering the 56 years unexpired we approximated the premium to the landlord for the lease extension to be between £31,400 and £36,200 not including expenses.
Mr and Mrs. I Scott was assigned a lease of a ground floor flat in Corsham in November 2004. The question was if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year extension to my lease. Comparable premises in Corsham with a long lease were in the region of £300,000. The mid-range amount of ground rent was £50 billed yearly. The lease came to a finish on 7 March 2102. Given that there were 76 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 plus expenses.