When it comes to domestic leasehold property in Hunstanton, you are actually purchasing 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. Even though this may appear like a long period of time, you should consider extending the lease 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 remaining. Leasehold owners in Hunstanton with a lease drawing near to 81 years left should seriously think of extending it sooner as opposed to later. Once the lease term has under eighty years left, under the current legislation the freeholder is entitled to calculate and levy a larger premium, based on a technical computation, known as “marriage value” which is payable.
Leasehold properties in Hunstanton with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| TSB | |
| Royal Bank of Scotland | |
| Virgin |
Engaging our service gives you increased control over the value of your Hunstanton 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.
Two years ago Ben, started to get near to the 80-year mark with the lease on his basement apartment in Hunstanton. Having purchased his home two decades ago, the lease term was of no significance. by good luck, he recognised he needed to take action soon on Extending the lease. Ben arranged for a lease extension at the eleventh hour in March. Ben and the landlord who owned the flat above in the end settled on the final figure of £6,000 . If the lease had slipped to less than 80 years, the premium would have escalated by a minimum £1,125.
Last Autumn we were phoned by Mr and Mrs. S Bennett , who owned a garden flat in Hunstanton in January 1997. We are asked if we could estimate the price would be for a 90 year extension to my lease. Identical premises in Hunstanton with 100 year plus lease were valued about £181,600. The mid-range amount of ground rent was £55 collected per annum. The lease finished in 2078. Given that there were 52 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £30,400 and £35,200 not including professional charges.
Mr M Peterson was assigned a lease of a garden apartment in Hunstanton in August 1999. The question was if we could approximate the price would likely be to extend the lease by a further 90 years. Comparable properties in Hunstanton with 100 year plus lease were worth £290,000. The average amount of ground rent was £45 billed every twelve months. The lease ended in 2098. Taking into account 72 years left we calculated the compensation to the freeholder for the lease extension to be between £11,400 and £13,200 plus costs.