When it comes to long leasehold premises in Harpenden, you are actually buying an entitlement to live in a property for a set period of time. 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 should think about a lease extension sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease gets disproportionately more expensive particularly when there are less than eighty years left. Anyone in Harpenden with a lease nearing 81 years remaining should seriously think of extending it as soon as possible. When the lease term has below 80 years remaining, under the relevant statute the landlord is entitled to calculate and levy a larger premium, based on a technical computation, known as “marriage value” which is payable.
It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately 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 decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Godiva Mortgages | |
| Santander | |
| Skipton Building Society | |
| TSB |
Irrespective of whether you are a tenant or a freeholder in Harpenden,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Harpenden valuers.
Trailing lengthy negotiations with the landlord of her basement apartment in Harpenden, Shannon started the lease extension process just as the lease was coming close to the crucial eighty-year threshold. The transaction was finalised in November 2007. The freeholder’s costs were negotiated to a tad over 500 GBP.
In 2011 we were phoned by Mrs Natalie Carter who, having took over the lease of a purpose-built apartment in Harpenden in October 1996. The dilemma was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Identical residencies in Harpenden with an extended lease were in the region of £171,800. The mid-range amount of ground rent was £55 collected annually. The lease concluded on 4 May 2076. Given that there were 50 years remaining we calculated the compensation to the landlord to extend the lease to be between £32,300 and £37,400 exclusive of fees.
Dr Ibrahim Flores acquired a ground floor apartment in Harpenden in October 1996. The dilemma was if we could approximate the compensation to the landlord would be for a 90 year lease extension. Similar homes in Harpenden with an extended lease were valued around £280,000. The mid-range amount of ground rent was £45 collected yearly. The lease came to a finish in 2096. Considering the 70 years left we estimated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of costs.