The nearer a domestic lease in Edge Hill nears to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, beyond 99 years remaining then this decrease may be fractional that being said there will become a point in time when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should consider extending without delay. Many flat owners in Edge Hill will qualify for this right; however a lawyer should be able to confirm if you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
Leasehold premises in Edge Hill with in excess of one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Coventry Building Society | |
| Nationwide Building Society | |
| TSB |
Using our service will provide you enhanced control over the value of your Edge Hill leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Alexander was the the leasehold proprietor of a 2 bedroom apartment in Edge Hill on the market with a lease of just over fifty eight years unexpired. Alexander on an informal basis spoke with his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £100 per annum. No ground rent would be due on a lease extension were Alexander to exercise his statutory right. Alexander obtained expert legal guidance and secured an acceptable resolution without going to tribunal and sell the flat.
In 2012 we were e-mailed by Mr and Mrs. I Girard who, having moved into a one bedroom apartment in Edge Hill in September 1997. The dilemma was if we could approximate the price would likely be to prolong the lease by ninety years. Comparative properties in Edge Hill with 100 year plus lease were valued around £254,200. The mid-range ground rent payable was £60 invoiced quarterly. The lease expired on 25 October 2077. Given that there were 51 years outstanding we estimated the premium to the freeholder to extend the lease to be between £43,700 and £50,600 plus fees.
Dr K Wilson completed a basement flat in Edge Hill in January 2001. The question was if we could shed any light on how much (roughly) premium could be for a 90 year lease extension. Comparative premises in Edge Hill with an extended lease were in the region of £210,600. The mid-range amount of ground rent was £45 billed yearly. The lease expiry date was on 2 January 2088. Given that there were 62 years left we calculated the compensation to the landlord for the lease extension to be within £18,100 and £20,800 exclusive of fees.