With a residential leasehold property in Saxilby, you are actually purchasing an entitlement to reside in a property for a prescribed time frame. These days 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 should consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly particularly when there are less than 80 years left. Residents in Saxilby with a lease nearing 81 years unexpired should seriously think of extending it without delay. When a lease has under 80 years left, under the relevant legislation the landlord can calculate and demand a greater amount, assessed on a technical computation, strangely termed as “marriage value” which is payable.
It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| National Westminster Bank | |
| Santander | |
| Skipton Building Society |
Irrespective of whether you are a tenant or a landlord in Saxilby,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Saxilby valuers.
Off the back of unsuccessful correspondence with the freeholder of her leasehold flat in Saxilby, Phoebe initiated the lease extension process as the 80 year mark was quickly approaching. The transaction completed in April 2013. The landlord’s costs were negotiated to below 650 pounds.
Last year we were e-mailed by Dr S Robinson , who acquired a studio flat in Saxilby in October 2001. The question was if we could shed any light on how much (approximately) premium would be to extend the lease by an additional years. Comparative residencies in Saxilby with 100 year plus lease were in the region of £280,000. The average amount of ground rent was £55 billed every twelve months. The lease expired on 9 August 2104. Taking into account 78 years remaining we estimated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 not including expenses.
Mrs O Stewart moved into a one bedroom apartment in Saxilby in April 2008. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Similar premises in Saxilby with an extended lease were in the region of £186,000. The mid-range amount of ground rent was £65 collected every twelve months. The lease came to a finish on 28 April 2084. Considering the 58 years left we approximated the compensation to the landlord to extend the lease to be between £24,700 and £28,600 not including expenses.