When it comes to long leasehold premises in Hinton St George, you are actually buying a right to live in a property for a set period of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may think about a lease extension sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly especially when there are less than 80 years left. Anyone in Hinton St George with a lease nearing 81 years left should seriously consider extending it as soon as possible. When a lease has below 80 years left, under the relevant legislation the freeholder is entitled to calculate and charge a larger amount, assessed on a technical calculation, strangely termed as “marriage value” which is payable.
Leasehold residencies in Hinton St George with over 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Skipton Building Society | |
| Royal Bank of Scotland | |
| Virgin | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a freeholder in Hinton St George,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 Hinton St George valuers.
Leon owned a studio apartment in Hinton St George on the market with a lease of just over fifty eight years remaining. Leon informally approached his landlord being a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £150 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Leon to exercise his statutory right. Leon procured expert legal guidance and was able to make a more informed decision and deal with the matter and sell the property.
In 2011 we were approached by Mr Rory Collins who, having was assigned a lease of a purpose-built flat in Hinton St George in August 1996. The dilemma was if we could shed any light on how much (roughly) premium could be to prolong the lease by an additional years. Comparable properties in Hinton St George with a long lease were worth £250,400. The average amount of ground rent was £65 invoiced quarterly. The lease came to a finish in 2090. Considering the 64 years unexpired we calculated the premium to the landlord to extend the lease to be between £19,000 and £22,000 exclusive of expenses.
Last year we were phoned by Mr and Mrs. L François , who completed a basement flat in Hinton St George in August 1996. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Identical premises in Hinton St George with a long lease were in the region of £189,000. The mid-range ground rent payable was £55 invoiced yearly. The lease finished on 1 January 2079. Considering the 53 years unexpired we calculated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 exclusive of costs.