With a residential leasehold property in Sandiacre, you are actually purchasing an entitlement to live in a property for a set period of time. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you should think about a lease extension sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly especially when there are fewer than eighty years remaining. Residents in Sandiacre with a lease nearing 81 years left should seriously consider extending it sooner as opposed to later. When a lease has fewer than eighty years left, under the current legislation the landlord can calculate and charge a greater premium, assessed on a technical calculation, known as “marriage value” which is payable.
Leasehold properties in Sandiacre with more than one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Halifax | |
| Santander | |
| Virgin |
Engaging our service will provide you enhanced control over the value of your Sandiacre leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
In 2014 Jake, came dangerously close to the 80-year threshold with the lease on his studio flat in Sandiacre. In buying his property two decades ago, the length of the lease was of minimal importance. Thankfully, he recognised he would imminently be paying way over the odds for Extending the lease. Jake arranged for a lease extension at the eleventh hour last July. Jake and the landlord who owned the flat above subsequently settled on the final figure of £6,000 . If the lease had dipped to less than eighty years, the premium would have become more costly by at least £1,000.
Last Christmas we were phoned by Ms Jade Lewis , who was assigned a lease of a basement apartment in Sandiacre in January 1998. The question was if we could approximate the price could be to prolong the lease by 90 years. Comparative residencies in Sandiacre with a long lease were valued about £201,200. The mid-range ground rent payable was £55 invoiced annually. The lease elapsed in 2082. Considering the 56 years outstanding we calculated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 plus fees.
Last year we were contacted by Dr Callum Turner , who purchased a garden flat in Sandiacre in January 2008. We are asked if we could shed any light on how much (roughly) premium could be for a 90 year extension to my lease. Identical premises in Sandiacre with 100 year plus lease were worth £300,000. The mid-range ground rent payable was £50 invoiced annually. The lease termination date was on 5 February 2102. Taking into account 76 years unexpired we calculated the premium to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of expenses.