With a residential leasehold property in Radstock, you effectively rent it for a certain amount 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 should think about a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly notably once there are fewer than 80 years remaining. Leasehold owners in Radstock with a lease approaching 81 years unexpired should seriously consider extending it without delay. When a lease has under 80 years outstanding, under the current statute the landlord is entitled to calculate and charge a greater premium, assessed on a technical multiplication, known as “marriage value” which is payable.
It is generally considered that a residential leasehold with in excess of 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 property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| National Westminster Bank | |
| Skipton Building Society | |
| Virgin | |
| Yorkshire Building Society |
Lease extensions in Radstock can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor with experience in lease extensions.
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 Radstock lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Stanley owned a high value apartment in Radstock being marketed with a lease of a little over fifty eight years unexpired. Stanley on an informal basis spoke with his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Stanley to exercise his statutory right. Stanley procured expert advice and was able to make a more informed judgement and deal with the matter and readily saleable.
In 2010 we were e-mailed by Dr Noah Brown who, having bought a newly refurbished apartment in Radstock in January 2012. The dilemma was if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Similar flats in Radstock with an extended lease were in the region of £275,000. The mid-range ground rent payable was £55 billed monthly. The lease finished on 9 April 2103. Having 77 years outstanding we estimated the premium to the landlord to extend the lease to be within £13,300 and £15,400 not including fees.
Mrs N Lefèvre acquired a basement apartment in Radstock in August 2003. The question was if we could estimate the price would likely be for a ninety year lease extension. Comparable homes in Radstock with an extended lease were worth £183,600. The mid-range ground rent payable was £65 collected annually. The lease lapsed on 6 July 2083. Having 57 years remaining we estimated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 exclusive of fees.