When it comes to residential leasehold premises in Hurst Green, you are in fact renting it for a certain amount of time. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you may consider extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly especially when there are fewer than eighty years remaining. Anyone in Hurst Green with a lease nearing 81 years unexpired should seriously consider extending it sooner than later. When the lease term has less than eighty years outstanding, under the relevant legislation the landlord can calculate and levy a greater premium, based on a technical multiplication, known as “marriage value” which is payable.
It is generally considered that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Nationwide Building Society | |
| TSB | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a freeholder in Hurst Green,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 experience and the close ties they enjoy with Hurst Green valuers.
Connor was the the leasehold proprietor of a studio apartment in Hurst Green being sold with a lease of just over fifty eight years outstanding. Connor on an informal basis spoke with his freeholder being a well known local-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 at the outset set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Connor to exercise his statutory right. Connor obtained expert legal guidance and secured satisfactory resolution informally and readily saleable.
Dr Ethan Davies was assigned a lease of a garden flat in Hurst Green in June 2005. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by 90 years. Similar properties in Hurst Green with an extended lease were valued around £285,000. The mid-range ground rent payable was £45 collected annually. The lease came to a finish in 2097. Taking into account 71 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of costs.
Mr and Mrs. L Watson bought a newly refurbished apartment in Hurst Green in July 2005. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year lease extension. Similar properties in Hurst Green with a long lease were worth £230,800. The mid-range ground rent payable was £60 invoiced yearly. The lease elapsed on 28 October 2086. Taking into account 60 years remaining we calculated the premium to the freeholder to extend the lease to be between £24,700 and £28,600 not including professional charges.