Rawdon leases on domestic deteriorating in value. Where your lease has about 90 years unexpired, you should start thinking about a lease extension. If lease term falls under eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Rawdon will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to confirm if you qualify. In certain cases you may not be entitled. There are also strict timetables and steps to follow once the process has started so it’s prudent to be guided by a conveyancer during the process.
Leasehold residencies in Rawdon with in excess of 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Chelsea Building Society | |
| Halifax | |
| National Westminster Bank |
Regardless of whether you are a tenant or a freeholder in Rawdon,the lease extension solicitors 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 Rawdon valuers.
After lengthy discussions with the freeholder of her two bedroom apartment in Rawdon, Phoebe started the lease extension process as the eighty year deadline was fast approaching. The lease extension was concluded in November 2014. The landlord’s fees were kept to an absolute minimum.
In 2009 we were e-mailed by Dr Jackson Rose who, having acquired a purpose-built apartment in Rawdon in February 2003. The question was if we could approximate the compensation to the landlord would be to extend the lease by a further 90 years. Comparable flats in Rawdon with a long lease were valued about £235,200. The average ground rent payable was £45 billed yearly. The lease terminated in 2092. Taking into account 66 years remaining we approximated the premium to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of costs.
In 2010 we were phoned by Mr and Mrs. E Alexander who, having bought a ground floor flat in Rawdon in January 2012. The dilemma was if we could estimate the price could be for a 90 year extension to my lease. Comparative flats in Rawdon with an extended lease were worth £275,000. The mid-range amount of ground rent was £55 invoiced yearly. The lease concluded in 2103. Having 77 years left we estimated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 plus professional charges.