With a long leasehold premises in Sewardstonebury, you are in fact renting it for a certain period of time. These days 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 rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly particularly once there are less than 80 years remaining. Residents in Sewardstonebury with a lease drawing near to 81 years remaining should seriously consider extending it as soon as possible. Once a lease has under eighty years remaining, under the relevant statute the landlord can calculate and charge a greater premium, assessed on a technical computation, strangely termed as “marriage value” which is payable.
It is conventional wisdom that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Nationwide Building Society | |
| Skipton Building Society | |
| Royal Bank of Scotland |
Engaging our service will provide you better control over the value of your Sewardstonebury leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Alexander owned a studio flat in Sewardstonebury on the market with a lease of just over 59 years left. Alexander informally spoke with his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 annually. No ground rent would be payable on a lease extension were Alexander to exercise his statutory right. Alexander procured expert legal guidance and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.
Dr T White took over the lease of a basement apartment in Sewardstonebury in January 2007. The question was if we could approximate the premium could be to extend the lease by an additional years. Identical residencies in Sewardstonebury with an extended lease were worth £260,000. The mid-range ground rent payable was £50 billed annually. The lease concluded in 2097. Having 71 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 plus legals.
Last June we were contacted by Mr Edward Campbell , who moved into a first floor flat in Sewardstonebury in January 2011. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year lease extension. Similar premises in Sewardstonebury with a long lease were worth £254,200. The mid-range amount of ground rent was £60 billed annually. The lease concluded in 2077. Given that there were 51 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £43,700 and £50,600 not including expenses.