When it comes to domestic leasehold property in Slade Green, you are actually purchasing an entitlement to live in a property for a prescribed time frame. In recent years flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you may think about 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 notably when there are fewer than 80 years remaining. Residents in Slade Green with a lease approaching 81 years unexpired should seriously consider extending it without delay. When a lease has less than 80 years left, under the relevant Act the freeholder can calculate and charge a greater premium, assessed on a technical computation, strangely termed as “marriage value” which is due.
Leasehold properties in Slade Green with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a freeholder in Slade Green,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Slade Green valuers.
Off the back of lengthy discussions with the landlord of her first floor flat in Slade Green, Caitlin commenced the lease extension process just as her lease was nearing the all-important eighty-year mark. The legal work was concluded in January 2005. The freeholder’s fees were kept to an absolute minimum.
Mr and Mrs. F Lambert was assigned a lease of a garden apartment in Slade Green in October 1996. The question was if we could estimate the compensation to the landlord could be to extend the lease by an additional years. Identical premises in Slade Green with an extended lease were worth £200,000. The mid-range amount of ground rent was £50 collected every twelve months. The lease ended in 2103. Given that there were 78 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 plus professional charges.
An example of a Lease Extension decision for a Slade Green property is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The unexpired term as at the valuation date was 76 years.