On the balance of probabilities where you own a flat in Edenbridge you actually own a long leasehold interest over your property
Leasehold residencies in Edenbridge with more than 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| Coventry Building Society | |
| Santander | |
| Skipton Building Society |
Regardless of whether you are a tenant or a landlord in Edenbridge,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Edenbridge valuers.
Austin owned a high value flat in Edenbridge being sold with a lease of just over 61 years remaining. Austin informally spoke with his landlord being a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £200 yearly. No ground rent would be due on a lease extension were Austin to exercise his statutory right. Austin procured expert advice and was able to make an informed decision and deal with the matter and readily saleable.
Mr and Mrs. P Nelson moved into a newly refurbished apartment in Edenbridge in February 2000. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparative flats in Edenbridge with a long lease were worth £191,400. The average amount of ground rent was £55 billed every twelve months. The lease end date was on 24 July 2080. Having 54 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £34,200 and £39,600 exclusive of legals.
In 2009 we were contacted by Dr Chelsea Gray who, having was assigned a lease of a one bedroom flat in Edenbridge in April 2008. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by 90 years. Similar flats in Edenbridge with 100 year plus lease were valued around £295,000. The average amount of ground rent was £45 invoiced monthly. The lease finished on 4 March 2100. Considering the 74 years remaining we calculated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 plus professional charges.