With a domestic leasehold premises in Ivybridge, you are actually purchasing a right to reside in a property for a prescribed time frame. These days flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you should consider a lease extension sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly particularly when there are less than 80 years remaining. Anyone in Ivybridge with a lease drawing near to 81 years left should seriously think of extending it without delay. When the lease term has below eighty years outstanding, under the current statute the freeholder can calculate and charge a greater amount, based on a technical multiplication, known as “marriage value” which is due.
It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Halifax | |
| Skipton Building Society | |
| The Mortgage Works |
Lease extensions in Ivybridge can be a difficult process. We recommend you obtain professional help from a lawyer and valuer with experience in lease extensions.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Ivybridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Dexter owned a studio flat in Ivybridge being sold with a lease of just over 72 years left. Dexter informally spoke with his landlord a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to an increased rent to £125 annually. Ordinarily, ground rent would not be due on a lease extension were Dexter to exercise his statutory right. Dexter procured expert advice and secured satisfactory deal informally and readily saleable.
Last Autumn we were e-mailed by Ms E Lefèvre , who purchased a garden apartment in Ivybridge in January 2005. The question was if we could estimate the premium would likely be to prolong the lease by ninety years. Comparable flats in Ivybridge with an extended lease were in the region of £200,000. The average amount of ground rent was £50 billed monthly. The lease came to a finish on 2 May 2103. Taking into account 77 years unexpired we approximated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 plus costs.
Last Spring we were contacted by Mrs C Campbell , who bought a ground floor apartment in Ivybridge in July 2012. The question was if we could approximate the price would likely be to extend the lease by 90 years. Similar residencies in Ivybridge with an extended lease were in the region of £260,200. The average ground rent payable was £65 collected yearly. The lease finished in 2092. Given that there were 66 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £16,200 and £18,600 exclusive of legals.