When it comes to long leasehold premises in Sacriston, you are in fact renting it for a certain amount of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you should think about a lease extension sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive particularly when there are fewer than eighty years left. Residents in Sacriston with a lease drawing near to 81 years remaining should seriously consider extending it as soon as possible. Once the lease term has fewer than 80 years remaining, under the current legislation the freeholder can calculate and demand a greater amount, assessed on a technical computation, known as “marriage value” which is due.
Leasehold residencies in Sacriston with in excess of 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Birmingham Midshires | |
| Santander | |
| TSB |
Lease extensions in Sacriston can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer 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 in-depth market knowledge dealing with Sacriston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Ollie owned a high value apartment in Sacriston on the market with a lease of fraction over fifty eight years unexpired. Ollie on an informal basis spoke with his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £100 per annum. Ordinarily, ground rent would not be payable on a lease extension were Ollie to exercise his statutory right. Ollie procured expert advice and was able to make a more informed decision and deal with the matter and sell the flat.
In 2014 we were contacted by Mr Sebastian Taylor who, having moved into a newly refurbished apartment in Sacriston in April 2007. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by ninety years. Similar residencies in Sacriston with 100 year plus lease were valued around £248,000. The average ground rent payable was £65 collected monthly. The lease elapsed on 15 February 2089. Considering the 63 years left we calculated the premium to the landlord to extend the lease to be within £20,000 and £23,000 plus costs.
Last month we were contacted by Dr Amber Mitchell , who took over the lease of a one bedroom apartment in Sacriston in November 2012. The dilemma was if we could shed any light on how much (roughly) price would be to prolong the lease by an additional years. Similar residencies in Sacriston with 100 year plus lease were in the region of £181,600. The average amount of ground rent was £55 collected per annum. The lease expired on 6 January 2078. Given that there were 52 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 not including fees.