When it comes to domestic leasehold premises in Frogmore, you are actually purchasing a right to reside in a property for a prescribed time frame. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you may consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease becomes disproportionately greater especially when there are fewer than 80 years left. Residents in Frogmore with a lease approaching 81 years unexpired should seriously think of extending it without delay. Once the lease term has less than eighty years outstanding, under the current Act the landlord can calculate and charge a larger amount, assessed on a technical computation, known as “marriage value” which is payable.
It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Frogmore can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
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 procuring Frogmore lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Hunter was the the leasehold owner of a studio apartment in Frogmore being marketed with a lease of just over sixty years left. Hunter informally contacted his landlord being a well known Bristol-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Hunter to invoke his statutory right. Hunter procured expert legal guidance and secured an acceptable deal without going to tribunal and ending up with a market value flat.
Last month we were contacted by Dr Sophie Williams , who took over the lease of a one bedroom apartment in Frogmore in July 2006. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparative residencies in Frogmore with 100 year plus lease were valued about £270,000. The mid-range amount of ground rent was £55 billed per annum. The lease came to a finish in 2101. Given that there were 76 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including costs.
In 2012 we were called by Mr and Mrs. R Lefebvre who, having moved into a one bedroom flat in Frogmore in April 2008. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by 90 years. Comparative flats in Frogmore with a long lease were valued around £173,800. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease ran out in 2080. Considering the 55 years left we estimated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 plus expenses.