There is no doubt about it a leasehold flat or house in Frizington is a wasting asset as a result of the diminishing lease term. If the residual term has, over 99 years to run then this decrease may be of little impact nevertheless there will become a point in time when a lease has fewer than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary reason why you should consider extending without delay. Many flat owners in Frizington will meet the qualifying criteria; that being said a conveyancer should be able to advise if you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is generally considered that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Skipton Building Society | |
| Royal Bank of Scotland | |
| Virgin |
Retaining our service will provide you enhanced control over the value of your Frizington leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Subsequent to lengthy discussions with the landlord of her one bedroom apartment in Frizington, Stephanie started the lease extension process just as her lease was approaching the crucial eighty-year threshold. The lease extension was finalised in March 2014. The landlord’s charges were kept to an absolute minimum.
In 2013 we were contacted by Mr S Girard who, having was assigned a lease of a studio flat in Frizington in February 2005. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Comparative properties in Frizington with an extended lease were in the region of £196,400. The mid-range amount of ground rent was £55 collected quarterly. The lease elapsed on 3 June 2080. Considering the 54 years outstanding we estimated the premium to the freeholder for the lease extension to be within £35,200 and £40,600 plus fees.
In 2014 we were contacted by Dr S Flores who, having was assigned a lease of a ground floor flat in Frizington in January 1995. We are asked if we could estimate the premium could be for a 90 year extension to my lease. Identical premises in Frizington with 100 year plus lease were valued about £295,000. The mid-range ground rent payable was £45 invoiced every twelve months. The lease ended on 24 October 2100. Taking into account 74 years left we approximated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 plus fees.