With a residential leasehold premises in Sileby, you are actually purchasing a right to live in a property for a prescribed time frame. Modern flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you should consider extending the lease sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly especially when there are less than eighty years remaining. Residents in Sileby with a lease drawing near to 81 years left should seriously consider extending it as soon as possible. Once the lease term has under 80 years outstanding, under the relevant Act the landlord is entitled to calculate and charge a greater premium, assessed on a technical multiplication, known as “marriage value” which is due.
Leasehold premises in Sileby with over 100 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 premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Coventry Building Society | |
| Halifax | |
| Skipton Building Society | |
| TSB |
Lease extensions in Sileby can be a difficult process. We recommend you get professional help from a lawyer and surveyor with experience in lease extensions.
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 a wealth of experience procuring Sileby lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of protracted negotiations with the freeholder of her purpose-built flat in Sileby, Courtney initiated the lease extension process just as her lease was approaching the all-important 80-year threshold. The lease extension was finalised in September 2012. The landlord’s charges were negotiated to approximately 450 pounds.
In 2013 we were contacted by Mr and Mrs. A Howard who, having took over the lease of a basement apartment in Sileby in September 2012. The dilemma was if we could estimate the premium would likely be for a 90 year lease extension. Identical flats in Sileby with a long lease were valued about £235,200. The mid-range ground rent payable was £45 billed quarterly. The lease concluded in 2092. Given that there were 66 years unexpired we estimated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of fees.
In 2013 we were phoned by Ms N Ricardo who, having purchased a purpose-built apartment in Sileby in April 1997. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by an additional years. Comparative flats in Sileby with 100 year plus lease were in the region of £280,000. The average amount of ground rent was £55 invoiced every twelve months. The lease elapsed in 2103. Taking into account 77 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 not including costs.