When it comes to long leasehold premises in Hunstanton, you are actually buying a right to reside in a property for a prescribed time frame. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should think about a lease extension sooner rather than later. The general rule 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. Leasehold owners in Hunstanton with a lease drawing near to 81 years remaining should seriously consider extending it without delay. When the lease term has less than 80 years remaining, under the current statute the landlord is entitled to calculate and charge a larger amount, based on a technical calculation, strangely termed as “marriage value” which is payable.
It is conventional wisdom that a property with over 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| Leeds Building Society | |
| Royal Bank of Scotland | |
| Virgin |
Retaining our service gives you better control over the value of your Hunstanton leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Trailing protracted correspondence with the freeholder of her studio apartment in Hunstanton, Yasmin initiated the lease extension process as the eighty year mark was quickly nearing. The legal work completed in June 2011. The landlord’s charges were kept to an absolute minimum.
Last Christmas we were e-mailed by Dr B James , who was assigned a lease of a newly refurbished apartment in Hunstanton in October 1995. We are asked if we could estimate the price could be to extend the lease by a further 90 years. Comparative properties in Hunstanton with an extended lease were in the region of £275,000. The average amount of ground rent was £65 invoiced monthly. The lease lapsed in 2094. Taking into account 68 years as a residual term we calculated the premium to the landlord for the lease extension to be between £12,400 and £14,200 plus legals.
Last year we were approach by Mrs U Hall , who took over the lease of a one bedroom apartment in Hunstanton in June 2002. The dilemma was if we could shed any light on how much (approximately) premium would be for a ninety year extension to my lease. Identical residencies in Hunstanton with a long lease were in the region of £208,600. The average ground rent payable was £60 collected every twelve months. The lease ran out in 2083. Taking into account 57 years unexpired we approximated the premium to the landlord for the lease extension to be within £30,400 and £35,200 plus expenses.