With a residential leasehold property in Lees and Moorside, you are actually purchasing a right to reside in a property for a prescribed time frame. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy 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 becomes disproportionately more expensive notably once there are fewer than 80 years left. Residents in Lees and Moorside with a lease drawing near to 81 years unexpired should seriously consider extending it as soon as possible. Once a lease has fewer than 80 years remaining, under the relevant legislation the landlord is entitled to calculate and demand a greater premium, assessed on a technical computation, strangely termed as “marriage value” which is payable.
It is conventional wisdom that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Halifax | |
| Skipton Building Society | |
| Virgin | |
| Yorkshire Building Society |
The lawyers that we work with undertake Lees and Moorside lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
Finn owned a conversion apartment in Lees and Moorside being sold with a lease of fraction over 61 years left. Finn on an informal basis spoke with his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £50 per annum. No ground rent would be payable on a lease extension were Finn to invoke his statutory right. Finn obtained expert advice and was able to make an informed judgement and deal with the matter and ending up with a market value flat.
In 2013 we were e-mailed by Ms P Pérez who, having completed a garden flat in Lees and Moorside in November 1997. The dilemma was if we could estimate the premium would likely be for a ninety year extension to my lease. Identical properties in Lees and Moorside with a long lease were valued about £280,000. The mid-range ground rent payable was £55 billed monthly. The lease terminated in 2103. Taking into account 77 years left we calculated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 not including legals.
Mr and Mrs. B Díaz acquired a studio apartment in Lees and Moorside in June 2001. We are asked if we could estimate the premium could be for a ninety year lease extension. Similar homes in Lees and Moorside with a long lease were valued about £183,600. The mid-range amount of ground rent was £65 collected every twelve months. The lease expired in 2083. Considering the 57 years unexpired we calculated the premium to the freeholder for the lease extension to be within £28,500 and £33,000 not including professional charges.