With a residential leasehold property in Porth, you are actually purchasing a right to reside 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 a lease extension sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease becomes disproportionately greater notably once there are less than eighty years left. Leasehold owners in Porth with a lease nearing 81 years remaining should seriously consider extending it as soon as possible. When a lease has less than eighty years remaining, under the current statute the landlord is entitled to calculate and charge a greater premium, based on a technical multiplication, known as “marriage value” which is due.
It is generally considered that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Halifax | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Virgin |
Lease extensions in Porth can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor with experience in this area.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Porth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Twenty four months ago Joseph, came dangerously close to the eighty-year mark with the lease on his leasehold flat in Porth. In buying his home twenty years previously, the unexpired term was of minimal interest. As luck would have it, it dawned on him that he needed to take action soon on Extending the lease. Joseph arranged for a lease extension just under the wire last September. Joseph and the landlord who owned the flat above subsequently settled on a premium of £5,500 . If he failed to meet the deadline, the price would have gone up by a minimum £950.
Last month we were called by Mr Samuel Allen , who bought a first floor apartment in Porth in August 2006. We are asked if we could approximate the premium would likely be to extend the lease by an additional years. Comparable flats in Porth with a long lease were worth £243,000. The mid-range ground rent payable was £65 invoiced monthly. The lease expiry date was in 2089. Considering the 63 years remaining we approximated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 exclusive of expenses.
Last Autumn we were called by Mr and Mrs. G Miller , who completed a studio apartment in Porth in June 2007. The question was if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Similar properties in Porth with an extended lease were worth £181,600. The average ground rent payable was £55 invoiced every twelve months. The lease ran out on 13 April 2078. Taking into account 52 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 plus expenses.