There is no doubt about it a leasehold property in Fulwell is a wasting asset as a result of the diminishing lease term. If the residual term has, in excess of 99 years to run then this decrease may be fractional nevertheless there will become a stage when a lease has under than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should extend the lease sooner than later. Most flat owners in Fulwell will meet the qualifying criteria; nevertheless a lawyer should be able to confirm if you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
It is generally considered that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Halifax | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Virgin |
Retaining our service will provide you better control over the value of your Fulwell leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Rory was the the leasehold owner of a conversion flat in Fulwell being sold with a lease of fraction over 61 years unexpired. Rory informally contacted his landlord being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Rory to exercise his statutory right. Rory obtained expert legal guidance and secured an acceptable resolution informally and ending up with a market value flat.
Dr D López purchased a garden flat in Fulwell in November 2011. The question was if we could estimate the price could be to extend the lease by ninety years. Similar premises in Fulwell with an extended lease were worth £250,000. The average ground rent payable was £50 billed per annum. The lease finished on 21 November 2096. Taking into account 70 years left we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including expenses.
An example of a Lease Extension case for a Fulwell flat is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case affected 1 flat. The unexpired lease term was 60.45 years.