With a domestic leasehold premises in Rowlands Gill, you are actually purchasing an entitlement to reside in a property for a prescribed time frame. Modern flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you should think about a lease extension sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly especially once there are less than eighty years left. Residents in Rowlands Gill with a lease nearing 81 years unexpired should seriously consider extending it without delay. When the lease term has below eighty years remaining, under the current Act the freeholder is entitled to calculate and charge a greater premium, based on a technical computation, known as “marriage value” which is payable.
It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Halifax | |
| Leeds Building Society | |
| National Westminster Bank | |
| TSB |
Irrespective of whether you are a tenant or a landlord in Rowlands Gill,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Rowlands Gill valuers.
Jake was the the leasehold proprietor of a studio flat in Rowlands Gill on the market with a lease of a few days over 61 years unexpired. Jake informally approached his landlord a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £125 yearly. No ground rent would be due on a lease extension were Jake to invoke his statutory right. Jake procured expert legal guidance and was able to make a more informed decision and deal with the matter and readily saleable.
Mr Jacob Watson purchased a garden flat in Rowlands Gill in September 1996. We are asked if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Identical homes in Rowlands Gill with an extended lease were in the region of £218,000. The mid-range amount of ground rent was £45 billed quarterly. The lease finished on 25 March 2089. Given that there were 63 years remaining we estimated the premium to the freeholder for the lease extension to be within £17,100 and £19,800 not including expenses.
Last year we were phoned by Dr O Lee , who moved into a studio flat in Rowlands Gill in March 2002. The dilemma was if we could approximate the premium could be for a 90 year extension to my lease. Similar residencies in Rowlands Gill with 100 year plus lease were worth £265,000. The average ground rent payable was £50 billed annually. The lease came to a finish on 24 November 2099. Considering the 73 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including expenses.