With a long leasehold property in Easthampstead, you are actually purchasing an entitlement to reside in a property for a set period of time. In recent years flat leases are usually granted 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 rather than later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive especially once there are fewer than 80 years left. Leasehold owners in Easthampstead with a lease approaching 81 years left should seriously think of extending it sooner than later. When the lease term has below eighty years outstanding, under the relevant Act the landlord can calculate and levy a greater premium, based on a technical multiplication, known as “marriage value” which is due.
Leasehold premises in Easthampstead with more than 100 years outstanding 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 freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| National Westminster Bank | |
| Nationwide Building Society | |
| Santander | |
| Skipton Building Society | |
| Yorkshire Building Society |
Engaging our service gives you increased control over the value of your Easthampstead leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
After unsuccessful discussions with the landlord of her first floor flat in Easthampstead, Tia started the lease extension process just as the lease was coming close to the all-important 80-year threshold. The lease extension was finalised in August 2010. The landlord’s costs were restricted to about 600 GBP.
Last year we were approach by Ms Bethan Walker , who moved into a one bedroom apartment in Easthampstead in November 2008. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by ninety years. Comparable residencies in Easthampstead with an extended lease were worth £285,000. The average ground rent payable was £45 collected annually. The lease lapsed on 13 August 2097. Having 71 years remaining we estimated the premium to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of costs.
In 2010 we were e-mailed by Mrs R Anderson who, having bought a basement apartment in Easthampstead in July 2011. The dilemma was if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Comparative flats in Easthampstead with an extended lease were worth £225,800. The average ground rent payable was £60 billed annually. The lease came to a finish on 13 May 2086. Given that there were 60 years remaining we calculated the compensation to the freeholder to extend the lease to be between £24,700 and £28,600 not including professional charges.