When it comes to long leasehold property in Saltash, you are actually purchasing a right to reside in a property for a set period of time. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you may think about a lease extension sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly especially when there are less than 80 years remaining. Anyone in Saltash with a lease drawing near to 81 years remaining should seriously think of extending it sooner as opposed to later. When a lease has fewer than 80 years remaining, under the relevant legislation the freeholder can calculate and demand a greater premium, based on a technical computation, known as “marriage value” which is due.
It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an additional 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 |
|---|---|
| Barnsley Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Leeds Building Society | |
| The Mortgage Works |
The conveyancing solicitors that we work with handle Saltash lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Following protracted negotiations with the landlord of her basement apartment in Saltash, Megan initiated the lease extension process as the 80 year deadline was fast approaching. The legal work was concluded in September 2015. The freeholder’s fees were kept to an absolute minimum.
In 2010 we were e-mailed by Ms U Girard who, having bought a one bedroom apartment in Saltash in May 2003. The question was if we could shed any light on how much (roughly) premium could be to prolong the lease by ninety years. Comparable residencies in Saltash with a long lease were valued about £181,600. The mid-range ground rent payable was £55 invoiced every twelve months. The lease concluded on 27 February 2078. Having 52 years left we estimated the premium to the freeholder for the lease extension to be between £30,400 and £35,200 not including professional charges.
In 2014 we were called by Ms Melissa Petit who, having was assigned a lease of a garden flat in Saltash in November 2011. The dilemma was if we could shed any light on how much (approximately) price would likely be to prolong the lease by a further 90 years. Identical residencies in Saltash with a long lease were worth £285,000. The mid-range amount of ground rent was £45 collected monthly. The lease finished in 2098. Given that there were 72 years outstanding we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including expenses.