With a domestic leasehold property in Llanmartin, you are actually buying an entitlement to live in a property for a set period of time. These days flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you may think about extending the lease sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease gets disproportionately greater notably once there are less than 80 years left. Residents in Llanmartin with a lease approaching 81 years remaining should seriously consider extending it without delay. When the lease term has less than eighty years remaining, under the relevant Act the landlord can calculate and charge a larger amount, based on a technical calculation, 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 any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Halifax | |
| Leeds Building Society | |
| National Westminster Bank | |
| Santander | |
| Yorkshire Building Society |
Engaging our service will provide you enhanced control over the value of your Llanmartin leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Zachary was the the leasehold proprietor of a conversion apartment in Llanmartin on the market with a lease of a few days over 59 years unexpired. Zachary informally approached his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Zachary to exercise his statutory right. Zachary obtained expert advice and was able to make an informed decision and handle with the matter and readily saleable.
In 2014 we were called by Dr Teddy Nelson who, having purchased a newly refurbished apartment in Llanmartin in November 2007. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year extension to my lease. Identical homes in Llanmartin with 100 year plus lease were worth £174,200. The average amount of ground rent was £55 billed annually. The lease ended in 2077. Having 51 years outstanding we estimated the compensation to the landlord for the lease extension to be between £31,400 and £36,200 plus costs.
In 2014 we were approached by Mr and Mrs. S Clarke who, having was assigned a lease of a basement flat in Llanmartin in March 1997. The question was if we could estimate the premium would be for a ninety year extension to my lease. Identical properties in Llanmartin with 100 year plus lease were valued about £285,000. The mid-range ground rent payable was £45 invoiced every twelve months. The lease came to a finish in 2097. Having 71 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 not including professional charges.