With a long leasehold property in Sittingbourne, you are in fact renting it for a certain amount of time. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you should consider extending the lease sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately greater notably when there are less than eighty years left. Leasehold owners in Sittingbourne with a lease drawing near to 81 years left should seriously consider extending it without delay. When the lease term has less than 80 years remaining, under the current Act the landlord is entitled to calculate and demand a larger amount, assessed on a technical computation, strangely termed as “marriage value” which is payable.
Leasehold premises in Sittingbourne with over one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Chelsea Building Society | |
| Leeds Building Society | |
| Nationwide Building Society |
Using our service will provide you better control over the value of your Sittingbourne leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Half a year ago Henry, started to get near to the 80-year mark with the lease on his two bedroom flat in Sittingbourne. In buying his flat twenty years ago, the lease term was of minimal importance. by good luck, he noticed he needed to take steps soon on a lease extension. Henry was able to extend his lease just under the wire in January. Henry and the freeholder ultimately agreed on the final figure of £5,500 . If the lease had slid below 80 years, the amount would have gone up by at least £925.
Last month we were e-mailed by Mr and Mrs. A Williams , who took over the lease of a one bedroom apartment in Sittingbourne in March 2002. The dilemma was if we could estimate the premium would likely be to extend the lease by ninety years. Comparative premises in Sittingbourne with 100 year plus lease were worth £267,600. The mid-range ground rent payable was £65 invoiced monthly. The lease came to a finish on 28 March 2093. Taking into account 67 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £14,300 and £16,400 not including expenses.
In 2014 we were e-mailed by Mr and Mrs. D Brown who, having took over the lease of a one bedroom apartment in Sittingbourne in June 2004. We are asked if we could approximate the price would be to extend the lease by a further 90 years. Similar flats in Sittingbourne with an extended lease were worth £208,600. The mid-range amount of ground rent was £60 invoiced per annum. The lease expiry date was on 9 November 2083. Considering the 57 years left we approximated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 not including professional charges.