With a residential leasehold property in Shinfield, you are actually purchasing a right to live in a property for a set period of time. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you may think about a lease extension sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive notably when there are less than 80 years remaining. Residents in Shinfield with a lease drawing near to 81 years unexpired should seriously think of extending it as soon as possible. Once the lease term has under 80 years left, under the relevant statute the landlord is entitled to calculate and levy a greater premium, based on a technical computation, strangely termed as “marriage value” which is payable.
Leasehold premises in Shinfield with over 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Leeds Building Society | |
| Nationwide Building Society | |
| The Mortgage Works |
Lease extensions in Shinfield can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 procuring Shinfield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 6 months of unsuccessful correspondence with the landlord of her first floor apartment in Shinfield, Francesca initiated the lease extension process just as her lease was coming close to the critical eighty-year deadline. The lease extension completed in March 2005. The landlord’s costs were kept to an absolute minimum.
Mr Jayden Rodríguez owned a purpose-built flat in Shinfield in June 1999. The dilemma was if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Comparable premises in Shinfield with 100 year plus lease were valued about £245,000. The mid-range ground rent payable was £50 collected yearly. The lease finished in 2094. Having 68 years remaining we calculated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including legals.
Last Winter we were approach by Mr and Mrs. C Stewart , who owned a garden apartment in Shinfield in August 2005. We are asked if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Comparative premises in Shinfield with 100 year plus lease were worth £285,000. The average amount of ground rent was £55 collected monthly. The lease concluded on 28 March 2105. Taking into account 79 years remaining we calculated the premium to the landlord for the lease extension to be within £13,300 and £15,400 not including costs.