There is no doubt about it a leasehold flat or house in Forest Row is a wasting asset as a result of the shortening lease. Where the lease has, more than 99 years to run then this decrease may be negligible nevertheless there will become a point in time when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should consider extending sooner than later. The majority of flat owners in Forest Row will qualify for this right; that being said a conveyancing solicitor will be able to confirm if you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| National Westminster Bank | |
| Royal Bank of Scotland | |
| Virgin |
Lease extensions in Forest Row can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor with experience in lease extensions.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Forest Row lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Theo owned a conversion flat in Forest Row being sold with a lease of just over 59 years remaining. Theo on an informal basis approached his freeholder a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Theo to exercise his statutory right. Theo obtained expert legal guidance and secured satisfactory deal informally and sell the flat.
Last Winter we were phoned by Dr Tommy Phillips , who owned a ground floor flat in Forest Row in May 2008. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable residencies in Forest Row with 100 year plus lease were in the region of £248,000. The mid-range ground rent payable was £65 collected annually. The lease finished on 19 April 2089. Having 63 years unexpired we estimated the compensation to the landlord for the lease extension to be between £20,000 and £23,000 exclusive of expenses.
Last July we were called by Mrs Kelsey Turner , who owned a first floor apartment in Forest Row in March 1998. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year lease extension. Identical properties in Forest Row with a long lease were worth £181,600. The mid-range ground rent payable was £55 invoiced monthly. The lease end date was in 2078. Taking into account 52 years unexpired we approximated the premium to the freeholder for the lease extension to be between £30,400 and £35,200 not including legals.