The re-sale value of a leasehold property in Cricklade is impacted by how many years the lease has remaining. If it is near to or less than 80 years you should foresee difficulties on re-sale, so it is recommended to arrange for a lease extension prior to purchasing. It is preferable to commence the process of extending the lease is when a lease still has 82 years remaining so that a lease extension can be concluded prior to the 80 year mark. Statute enables Cricklade qualifying lessees to an additional term of 90 years over and above the existing term, at a nominal rent (zero ground rent). The purpose of the valuation is to determine the premium payable by the lessee to the freeholder for the acquisition of the lease extension.
Leasehold residencies in Cricklade with in excess of 100 years outstanding on the lease are sometimes 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 upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Coventry Building Society | |
| Halifax | |
| Leeds Building Society | |
| The Mortgage Works |
Irrespective of whether you are a tenant or a landlord in Cricklade,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Cricklade valuers.
Subsequent to unsuccessful discussions with the landlord of her one bedroom flat in Cricklade, Jasmine commenced the lease extension process just as her lease was nearing the all-important 80-year threshold. The transaction completed in June 2013. The freeholder’s fees were kept to an absolute minimum.
Last November we were approach by Ms Kayleigh Green , who owned a newly refurbished apartment in Cricklade in February 2007. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Comparative flats in Cricklade with 100 year plus lease were valued around £183,600. The average ground rent payable was £65 invoiced monthly. The lease elapsed on 19 February 2083. Considering the 57 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 not including expenses.
Mr and Mrs. U Sharif acquired a garden flat in Cricklade in August 1998. The question was if we could approximate the price would be to extend the lease by an additional years. Comparable properties in Cricklade with 100 year plus lease were worth £245,000. The mid-range amount of ground rent was £45 invoiced per annum. The lease lapsed on 27 August 2094. Considering the 68 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including costs.