With a residential leasehold premises in Fordingbridge, you are in fact renting it for a certain period of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should consider a lease extension sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly particularly once there are fewer than eighty years remaining. Leasehold owners in Fordingbridge with a lease drawing near to 81 years remaining should seriously consider extending it without delay. When the lease term has below 80 years left, under the current statute the landlord is entitled to calculate and charge a greater premium, based on a technical calculation, known as “marriage value” which is payable.
Leasehold residencies in Fordingbridge with in excess of one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| National Westminster Bank | |
| Santander | |
| Royal Bank of Scotland |
Irrespective of whether you are a tenant or a landlord in Fordingbridge,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Fordingbridge valuers.
Off the back of unsuccessful correspondence with the landlord of her two bedroom flat in Fordingbridge, Ellen commenced the lease extension process as the eighty year deadline was quickly coming. The legal work was concluded in November 2013. The landlord’s fees were restricted to slightly above 650 pounds.
Dr J Rivera bought a studio flat in Fordingbridge in November 2003. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by 90 years. Identical properties in Fordingbridge with an extended lease were in the region of £285,000. The average ground rent payable was £45 invoiced yearly. The lease concluded in 2097. Considering the 71 years left we estimated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 plus professional charges.
Last month we were phoned by Dr W Garcia , who completed a studio flat in Fordingbridge in June 1998. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparative properties in Fordingbridge with an extended lease were worth £230,800. The mid-range amount of ground rent was £60 collected quarterly. The lease ended in 2086. Having 60 years unexpired we approximated the premium to the landlord for the lease extension to be between £24,700 and £28,600 plus expenses.