With a long leasehold premises in Slade Green, you are in fact renting it for a certain period of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease becomes disproportionately more expensive particularly when there are less than 80 years left. Leasehold owners in Slade Green with a lease drawing near to 81 years remaining should seriously consider extending it sooner as opposed to later. When the lease term has under 80 years remaining, under the current legislation the landlord can calculate and levy a greater amount, assessed on a technical computation, strangely termed as “marriage value” which is due.
Leasehold residencies in Slade Green with over 100 years outstanding on the lease are often regarded as a ‘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 maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| Nationwide Building Society | |
| Santander | |
| Yorkshire Building Society |
Lease extensions in Slade Green can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer 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 in-depth market knowledge procuring Slade Green lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Archie, started to get close to the 80-year mark with the lease on his garden apartment in Slade Green. Having purchased his home 18 years previously, the length of the lease was of little bearing. Fortunately, it dawned on him that he would imminently be paying an inflated amount for Extending the lease. Archie was able to extend his lease just under the wire last September. Archie and the landlord who owned the flat above ultimately agreed on an amount of £6,000 . If the lease had gone to less than 80 years, the price would have escalated by a minimum £900.
In 2009 we were e-mailed by Dr Leah Thompson who, having completed a studio flat in Slade Green in September 1998. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year extension to my lease. Identical properties in Slade Green with 100 year plus lease were valued around £189,000. The mid-range ground rent payable was £55 billed yearly. The lease finished on 8 July 2079. Considering the 53 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 plus expenses.
An example of a Lease Extension matter before the tribunal for a Slade Green residence 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 affected 13 flats. The remaining number of years on the lease was 76 years.