Freshwater Bay leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. It is the case that most Freshwater Bay tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Freshwater Bay you must investigate if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value
It is generally considered that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Halifax | |
| Santander | |
| Yorkshire Building Society |
Lease extensions in Freshwater Bay can be a difficult process. We recommend you procure professional help 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 a wealth of experience dealing with Freshwater Bay lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Blake owned a high value flat in Freshwater Bay on the market with a lease of a few days over 61 years left. Blake informally contacted his freeholder being a well known London-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 new rent initially set at £100 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Blake to exercise his statutory right. Blake procured expert advice and secured satisfactory resolution without going to tribunal and sell the flat.
Ms Chelsea Rogers moved into a studio apartment in Freshwater Bay in May 2008. The question was if we could estimate the compensation to the landlord could be to prolong the lease by 90 years. Identical flats in Freshwater Bay with 100 year plus lease were worth £225,800. The average ground rent payable was £60 invoiced per annum. The lease elapsed in 2086. Given that there were 60 years left we estimated the compensation to the landlord for the lease extension to be within £23,800 and £27,400 plus professional charges.
In 2013 we were phoned by Dr Georgina Leroy who, having bought a garden flat in Freshwater Bay in January 2002. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year lease extension. Similar premises in Freshwater Bay with a long lease were worth £210,000. The mid-range ground rent payable was £50 billed every twelve months. The lease finished on 24 February 2106. Given that there were 80 years outstanding we calculated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 plus professional charges.