The market value of a leasehold property in Slade Green is impacted by how many years the lease has left to run. If it is near to or less than eighty years you should foresee difficulties on re-sale, so it is recommended to arrange for a lease extension before buying. It is preferable to commence the process of extending the lease is when the lease still has 82 years remaining so that all matters can be finalised in advance of the eighty year cut off point. Current legislation entitles Slade Green qualifying lessees to a ninety year extension added to their unexpired lease term (ie if your lease has fifty years remaining the statutory lease extension will provide a new term of 140 years). The reason of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the acquisition of the lease extension.
Leasehold properties in Slade Green with over one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Leeds Building Society | |
| National Westminster Bank | |
| TSB | |
| Royal Bank of Scotland | |
| Virgin |
Lease extensions in Slade Green can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor 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 a wealth of experience 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.
Dexter was the the leasehold proprietor of a 2 bedroom flat in Slade Green on the market with a lease of a little over fifty eight years remaining. Dexter on an informal basis contacted his landlord being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent at the outset set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Dexter to exercise his statutory right. Dexter procured expert advice and secured satisfactory resolution without resorting to tribunal and readily saleable.
In 2009 we were phoned by Mr and Mrs. I Lefèvre who, having took over the lease of a basement apartment in Slade Green in February 2007. The question was if we could approximate the premium would likely be to prolong the lease by a further 90 years. Identical properties in Slade Green with a long lease were worth £208,600. The average ground rent payable was £60 invoiced quarterly. The lease terminated in 2083. Given that there were 57 years remaining we approximated the compensation to the landlord for the lease extension to be between £30,400 and £35,200 exclusive of legals.
An example of a Lease Extension matter before the tribunal for a Slade Green flat 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 number of years remaining on the existing lease(s) was 76 years.