With a residential leasehold premises in Hassocks, you are actually buying an entitlement to reside in a property for a set period of time. 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 may consider a lease extension sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly especially once there are fewer than 80 years left. Anyone in Hassocks with a lease approaching 81 years unexpired should seriously consider extending it sooner as opposed to later. When a lease has below 80 years left, under the current statute the landlord is entitled to calculate and levy a greater amount, based on a technical calculation, strangely termed as “marriage value” which is payable.
Leasehold premises in Hassocks with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Halifax | |
| National Westminster Bank | |
| Nationwide Building Society | |
| TSB |
Retaining our service gives you increased control over the value of your Hassocks leasehold, as your property will be more valuable and saleable in terms of 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.
In the wake of eight months of unsuccessful negotiations with the landlord of her purpose-built flat in Hassocks, Rachel commenced the lease extension process just as the lease was approaching the critical eighty-year mark. The lease extension was finalised in April 2008. The freeholder’s charges were kept to an absolute minimum.
Last June we were called by Mrs Niamh Laurent , who was assigned a lease of a garden flat in Hassocks in March 1998. We are asked if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Identical flats in Hassocks with an extended lease were valued around £280,000. The mid-range amount of ground rent was £55 billed yearly. The lease concluded in 2104. Having 78 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 not including expenses.
Mr Luke Mason bought a purpose-built flat in Hassocks in November 1996. The dilemma was if we could approximate the premium would likely be for a 90 year lease extension. Similar homes in Hassocks with an extended lease were worth £186,000. The mid-range ground rent payable was £65 invoiced monthly. The lease end date was on 7 May 2084. Given that there were 58 years outstanding we approximated the premium to the landlord for the lease extension to be within £24,700 and £28,600 not including expenses.