With a residential leasehold premises in Fratton and Portsea, you are in fact renting it for a certain amount of time. Modern flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you should consider a lease extension sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease becomes disproportionately greater notably when there are less than eighty years left. Leasehold owners in Fratton and Portsea with a lease drawing near to 81 years unexpired should seriously consider extending it sooner as opposed to later. When a lease has fewer than eighty years left, under the current legislation the freeholder can calculate and charge a larger amount, assessed on a technical multiplication, known as “marriage value” which is payable.
Leasehold properties in Fratton and Portsea with over one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Leeds Building Society | |
| National Westminster Bank | |
| TSB |
Lease extensions in Fratton and Portsea can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and valuer with experience in this area.
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 Fratton and Portsea lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Toby was the the leasehold proprietor of a studio flat in Fratton and Portsea on the market with a lease of just over 59 years outstanding. Toby informally contacted his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 yearly. No ground rent would be payable on a lease extension were Toby to exercise his statutory right. Toby obtained expert legal guidance and secured satisfactory resolution informally and ending up with a market value flat.
In 2014 we were approached by Dr M Smith who, having was assigned a lease of a garden apartment in Fratton and Portsea in June 1996. The dilemma was if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Comparable flats in Fratton and Portsea with 100 year plus lease were worth £261,600. The average amount of ground rent was £60 billed annually. The lease concluded on 16 July 2078. Having 52 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £39,000 and £45,000 plus costs.
Last Winter we were phoned by Mr Lewis Jackson , who was assigned a lease of a studio flat in Fratton and Portsea in April 2002. The question was if we could approximate the premium would likely be for a ninety year lease extension. Identical homes in Fratton and Portsea with 100 year plus lease were in the region of £218,000. The average ground rent payable was £45 collected quarterly. The lease came to a finish in 2089. Considering the 63 years unexpired we estimated the premium to the landlord for the lease extension to be between £17,100 and £19,800 exclusive of costs.