The re-sale value of a leasehold property in Great Baddow is impacted by how long the lease has left to run. If it is near to or fewer than 80 years you should foresee problems on re-sale, so it is advisable to arrange for the lease to be extended ahead of purchasing. It is preferable to start the lease extension process when the lease still has 82 years unexpired so that all matters can be finalised ahead of the eighty year cut off point. Leasehold Reform legislation entitles Great Baddow qualifying lessees to obtain a new lease which will be for the current unexpired lease term plus a further term of ninety years. The purpose of the valuation is to determine the sum payable by the lessee to the freeholder for the purchase of the lease extension.
Leasehold residencies in Great Baddow with in excess of 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Halifax | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Yorkshire Building Society |
Lease extensions in Great Baddow can be a difficult process. We recommend you obtain guidance from a lawyer 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 Great Baddow lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jackson was the the leasehold owner of a high value apartment in Great Baddow being marketed with a lease of a few days over fifty eight years remaining. Jackson informally contacted his freeholder a well known London-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Jackson to invoke his statutory right. Jackson procured expert advice and secured an acceptable deal without resorting to tribunal and readily saleable.
Dr Gabriel James took over the lease of a basement flat in Great Baddow in October 2002. We are asked if we could estimate the premium would likely be to extend the lease by ninety years. Identical residencies in Great Baddow with 100 year plus lease were valued around £280,000. The mid-range amount of ground rent was £55 invoiced per annum. The lease lapsed on 11 July 2104. Given that there were 78 years remaining we estimated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 not including costs.
Last Christmas we were approach by Dr K Roux , who moved into a first floor flat in Great Baddow in January 2006. The question was if we could estimate the price would likely be for a ninety year lease extension. Identical flats in Great Baddow with an extended lease were in the region of £191,000. The average ground rent payable was £65 billed annually. The lease elapsed on 2 November 2084. Given that there were 58 years remaining we estimated the compensation to the landlord for the lease extension to be within £23,800 and £27,400 exclusive of expenses.