With a long leasehold premises in Kingsley, you are in fact renting it for a certain period of time. These days 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 should consider 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 gets disproportionately more expensive particularly once there are fewer than eighty years remaining. Leasehold owners in Kingsley with a lease approaching 81 years left should seriously consider extending it sooner than later. Once a lease has below eighty years remaining, under the current Act the freeholder can calculate and charge a greater premium, based on a technical multiplication, strangely termed as “marriage value” which is payable.
Leasehold premises in Kingsley with in excess of one hundred years remaining on the lease are often referred to as ‘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 merit it.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| National Westminster Bank | |
| Skipton Building Society | |
| TSB | |
| The Mortgage Works |
Engaging our service gives you better control over the value of your Kingsley leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Connor was the the leasehold owner of a high value flat in Kingsley being marketed with a lease of fraction over sixty years remaining. Connor informally approached his landlord a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £100 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 procured expert legal guidance and secured an acceptable deal without going to tribunal and ending up with a market value flat.
In 2009 we were called by Mrs Isabella López who, having moved into a ground floor apartment in Kingsley in October 2008. The question was if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Identical flats in Kingsley with an extended lease were in the region of £174,200. The mid-range amount of ground rent was £55 collected annually. The lease ended on 14 April 2077. Considering the 51 years left we calculated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 exclusive of costs.
Last Spring we were called by Mr M Scott , who bought a newly refurbished apartment in Kingsley in October 1999. We are asked if we could estimate the price could be to prolong the lease by ninety years. Similar properties in Kingsley with a long lease were valued about £285,000. The mid-range amount of ground rent was £45 billed annually. The lease termination date was in 2097. Having 71 years left we approximated the premium to the landlord to extend the lease to be within £12,400 and £14,200 not including expenses.