The value of Rowlands Gill leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase substantially once the remaining term is below than eighty years
Leasehold premises in Rowlands Gill with more than 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Godiva Mortgages | |
| Halifax | |
| Leeds Building Society | |
| TSB |
Retaining our service will provide you better control over the value of your Rowlands Gill leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Alfie owned a 2 bedroom apartment in Rowlands Gill on the market with a lease of just over sixty years remaining. Alfie on an informal basis approached his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £125 annually. No ground rent would be payable on a lease extension were Alfie to exercise his statutory right. Alfie procured expert legal guidance and secured an acceptable resolution informally and sell the flat.
Ms N Turner acquired a ground floor flat in Rowlands Gill in August 1998. 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 flats in Rowlands Gill with 100 year plus lease were in the region of £270,000. The mid-range ground rent payable was £55 invoiced per annum. The lease elapsed on 26 January 2101. Having 75 years unexpired we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including costs.
In 2009 we were called by Mr and Mrs. G Clark who, having took over the lease of a one bedroom apartment in Rowlands Gill in September 2000. The question was if we could estimate the premium would be to prolong the lease by an additional years. Comparative flats in Rowlands Gill with 100 year plus lease were worth £168,800. The mid-range ground rent payable was £60 billed every twelve months. The lease expiry date was on 27 April 2081. Having 55 years unexpired we calculated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 not including expenses.