Slade Green residential property owned on a long lease is a wasting asset as the leaseholder only owns the property for a period of years.
It is generally accepted that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Santander | |
| The Mortgage Works | |
| Royal Bank of Scotland | |
| Virgin |
Using our service gives you enhanced control over the value of your Slade Green leasehold, as your property will be more valuable and saleable in terms of 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.
Following unsuccessful negotiations with the freeholder of her ground floor flat in Slade Green, Samantha commenced the lease extension process just as the lease was nearing the crucial eighty-year deadline. The legal work was finalised in July 2015. The landlord’s fees were kept to an absolute minimum.
Dr Ellie Lefèvre purchased a one bedroom apartment in Slade Green in June 2010. The question was if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Identical residencies in Slade Green with an extended lease were in the region of £300,000. The average amount of ground rent was £50 invoiced yearly. The lease expired in 2102. Taking into account 76 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 not including expenses.
An example of a Lease Extension decision for a Slade Green premises 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 related to 13 flats. The unexpired term as at the valuation date was 76 years.