The closer a residential lease in North Cave gets to zero years unexpired, the more it reduces the value of the property. Where the residual term has, over 125 years remaining then this decrease may be of little impact nevertheless there will become a point in time when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary rational as to why you should extend the lease without delay. The majority of flat owners in North Cave will qualify for this right; that being said a lawyer should be able to confirm if you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold properties in North Cave with over one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| Royal Bank of Scotland | |
| Virgin | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a freeholder in North Cave,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with North Cave valuers.
John was the the leasehold proprietor of a high value apartment in North Cave being marketed with a lease of fraction over 59 years unexpired. John informally spoke with his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £125 per annum. No ground rent would be due on a lease extension were John to invoke his statutory right. John procured expert advice and was able to make a more informed decision and deal with the matter and ending up with a market value flat.
Last Summer we were phoned by Ms Holly Stewart , who completed a garden apartment in North Cave in March 2009. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Identical flats in North Cave with a long lease were valued around £242,600. The mid-range ground rent payable was £45 invoiced every twelve months. The lease ended on 18 February 2093. Taking into account 67 years left we calculated the compensation to the freeholder for the lease extension to be within £11,400 and £13,200 not including legals.
Mr and Mrs. G Clark moved into a first floor flat in North Cave in November 1995. The question was if we could approximate the premium would be to prolong the lease by 90 years. Comparable properties in North Cave with an extended lease were in the region of £280,000. The mid-range ground rent payable was £55 billed yearly. The lease concluded in 2104. Having 78 years unexpired we estimated the premium to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of professional charges.