When it comes to domestic leasehold premises in Highams Park, you are actually purchasing a right to live in a property for a prescribed time frame. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you should think about extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease becomes disproportionately greater notably when there are fewer than 80 years remaining. Residents in Highams Park with a lease approaching 81 years unexpired should seriously consider extending it as soon as possible. Once the lease term has below eighty years outstanding, under the relevant Act the freeholder can calculate and charge a greater amount, assessed on a technical multiplication, strangely termed as “marriage value” which is payable.
It is generally accepted that a property with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Godiva Mortgages | |
| Leeds Building Society | |
| National Westminster Bank |
Engaging our service will provide you better control over the value of your Highams Park leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Trailing lengthy discussions with the freeholder of her leasehold apartment in Highams Park, Natalie commenced the lease extension process as the 80 year threshold was swiftly nearing. The legal work was finalised in July 2015. The landlord’s costs were restricted to slightly above 700 pounds.
In 2013 we were approached by Mr and Mrs. V Kelly who, having acquired a studio apartment in Highams Park in July 2012. The dilemma was if we could approximate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparative homes in Highams Park with an extended lease were worth £295,000. The average amount of ground rent was £45 invoiced monthly. The lease end date was in 2100. Considering the 74 years unexpired we estimated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 plus fees.
An example of a Freehold Enfranchisement decision for a Highams Park premises is 48 Greenleaf Road in December 2009. the lessees sought to exercise their right to purchase the freehold from the landlord by way of collective enfranchisement in accordance with the Leasehold Reform Housing and Urban Development Act 1993.The landlord could not be found.A vesting order was granted from the Bow County Court on 10 September 2007 (Claim No: 8BO04141). The Tribunal held that the premium to be paid was £3,850 This case affected 2 flats. The number of years remaining on the existing lease(s) was 104 years.