With a domestic leasehold premises in Gravesend, you are actually buying an entitlement to reside in a property for a prescribed time frame. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you should consider extending the lease sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly notably once there are fewer than 80 years remaining. Residents in Gravesend with a lease nearing 81 years unexpired should seriously think of extending it sooner rather than later. When the lease term has under 80 years outstanding, under the current statute the freeholder is entitled to calculate and charge a larger premium, based on a technical computation, strangely termed as “marriage value” which is due.
It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Skipton Building Society | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Using our service gives you increased control over the value of your Gravesend leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Jayden was the the leasehold proprietor of a high value apartment in Gravesend on the market with a lease of fraction over 61 years remaining. Jayden informally approached his landlord a well known Bristol-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Jayden to exercise his statutory right. Jayden procured expert advice and secured satisfactory deal informally and readily saleable.
In 2009 we were called by Ms G White who, having bought a one bedroom apartment in Gravesend in January 1999. We are asked if we could approximate the price would likely be for a 90 year extension to my lease. Identical flats in Gravesend with a long lease were in the region of £270,000. The mid-range ground rent payable was £55 collected yearly. The lease elapsed on 5 January 2101. Taking into account 75 years left we estimated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including costs.
Ms B Turner moved into a garden apartment in Gravesend in September 2001. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparable homes in Gravesend with 100 year plus lease were valued around £168,800. The average ground rent payable was £60 collected per annum. The lease came to a finish in 2081. Having 55 years as a residual term we calculated the premium to the landlord to extend the lease to be between £31,400 and £36,200 exclusive of costs.