Silverton leases on domestic deteriorating in value. if your lease has approximately ninety years unexpired, you should start thinking about a lease extension. If lease term falls under 80 years, you will then have to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Silverton will usually qualify for a lease extension; however a solicitor will check if you qualify. In some cases you may not qualify. There are also strict timetables and procedures to comply with once the process is triggered so it’s wise to be guided by a lawyer during the process.
Leasehold properties in Silverton with over one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| Yorkshire Building Society |
The conveyancing solicitors that we work with undertake Silverton lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Stanley was the the leasehold owner of a studio flat in Silverton being sold with a lease of fraction over fifty eight years left. Stanley on an informal basis contacted his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Stanley to invoke his statutory right. Stanley procured expert advice and was able to make a more informed decision and deal with the matter and sell the flat.
Dr O Gray bought a recently refurbished apartment in Silverton in October 2010. We are asked if we could approximate the premium could be to extend the lease by an additional years. Similar residencies in Silverton with a long lease were in the region of £243,000. The average amount of ground rent was £65 collected per annum. The lease came to a finish on 14 May 2089. Given that there were 63 years unexpired we approximated the premium to the landlord to extend the lease to be within £20,000 and £23,000 plus legals.
In 2011 we were e-mailed by Mrs Lydia Kelly who, having acquired a studio apartment in Silverton in March 2000. We are asked if we could approximate the price would be to extend the lease by a further 90 years. Identical homes in Silverton with 100 year plus lease were in the region of £181,600. The average amount of ground rent was £55 billed yearly. The lease lapsed in 2078. Having 52 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 plus professional charges.