When it comes to residential leasehold premises in Great Stanmore, you are actually purchasing a right 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 are unconcerned as this seems like a lengthy period of time, you may consider extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease becomes disproportionately more expensive especially once there are fewer than 80 years left. Anyone in Great Stanmore with a lease drawing near to 81 years left should seriously consider extending it as soon as possible. Once the lease term has less than eighty years outstanding, under the current statute the freeholder is entitled to calculate and levy a greater premium, based on a technical computation, strangely termed as “marriage value” which is due.
It is conventional wisdom that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Nationwide Building Society | |
| Skipton Building Society | |
| Royal Bank of Scotland |
Using our service will provide you better control over the value of your Great Stanmore leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Adam owned a conversion flat in Great Stanmore on the market with a lease of a few days over 72 years outstanding. Adam on an informal basis spoke with his landlord being a well known local-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Adam to exercise his statutory right. Adam procured expert legal guidance and secured satisfactory resolution informally and ending up with a market value flat.
In 2010 we were phoned by Dr Phoebe Sharif who, having completed a one bedroom flat in Great Stanmore in February 2006. The dilemma was if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Identical residencies in Great Stanmore with 100 year plus lease were valued about £250,000. The average amount of ground rent was £50 invoiced annually. The lease concluded on 25 March 2094. Considering the 68 years outstanding we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus fees.
An example of a Lease Extension decision for a Great Stanmore flat is 27B Hillside in February 2010. the resulting premium, all other aspects of the valuation having been agreed between the parties was set at £8,250 This case related to 1 flat. The unexpired residue of the current lease was 70.25 years.