There is no doubt about it a leasehold flat or house in Park Hill is a wasting asset as a result of the shortening lease. Where the lease has, beyond one hundred years remaining then this decrease may be negligible that being said there will become a point in time when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main logic behind why you should extend the lease without delay. Most flat owners in Park Hill will meet the qualifying criteria; that being said a conveyancer can advise whether you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold properties in Park Hill with in excess of one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| National Westminster Bank | |
| Skipton Building Society | |
| Virgin |
Engaging our service will provide you better control over the value of your Park Hill leasehold, as your property will be more valuable and marketable in terms of 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.
After lengthy negotiations with the freeholder of her one bedroom apartment in Park Hill, Mollie started the lease extension process as the 80 year threshold was quickly approaching. The transaction was finalised in August 2005. The landlord’s costs were restricted to slightly above 500 GBP.
Mr and Mrs. F Petit owned a purpose-built apartment in Park Hill in February 2006. The question was if we could estimate the price could be for a 90 year lease extension. Comparable homes in Park Hill with an extended lease were valued about £290,000. The mid-range amount of ground rent was £45 invoiced monthly. The lease ended in 2099. Having 73 years left we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including costs.
In 2013 we were called by Dr A Clarke who, having owned a one bedroom apartment in Park Hill in October 2005. The question was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by 90 years. Comparable properties in Park Hill with 100 year plus lease were valued about £240,600. The mid-range amount of ground rent was £65 collected monthly. The lease ran out on 4 June 2088. Considering the 62 years outstanding we calculated the premium to the freeholder for the lease extension to be between £21,900 and £25,200 plus costs.