Rainham Kent leases on domestic deteriorating in value. if your lease has about ninety years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you start paying an additional element called marriage value. Leasehold owners in Rainham Kent will mostly qualify for a lease extension; however a solicitor should be able check if you qualify. In some cases you may not be entitled. There are also strict timetables and procedures to comply with once the process has started so it’s wise to be guided by a conveyancing solicitor during the process.
Leasehold residencies in Rainham Kent with more than one hundred years outstanding on the lease are often referred to as ‘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 reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Chelsea Building Society | |
| Nationwide Building Society | |
| Skipton Building Society |
Using our service will provide you increased control over the value of your Rainham Kent leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Ryan was the the leasehold proprietor of a studio flat in Rainham Kent being marketed with a lease of a few days over 61 years outstanding. Ryan informally contacted his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Ryan to exercise his statutory right. Ryan procured expert advice and secured satisfactory deal without resorting to tribunal and sell the flat.
In 2013 we were e-mailed by Dr W Garcia who, having owned a ground floor flat in Rainham Kent in January 2005. The question was if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Identical residencies in Rainham Kent with a long lease were valued about £275,000. The average amount of ground rent was £55 billed every twelve months. The lease elapsed on 19 April 2102. Given that there were 76 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 not including expenses.
Last year we were phoned by Dr G Murphy , who took over the lease of a first floor flat in Rainham Kent in October 1997. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Comparable premises in Rainham Kent with an extended lease were in the region of £176,200. The average amount of ground rent was £65 collected yearly. The lease concluded on 6 October 2082. Taking into account 56 years remaining we approximated the premium to the landlord for the lease extension to be between £29,500 and £34,000 plus legals.