Southbourne leases on residential deteriorating in value. Where your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. If lease term is under eighty years, you will then have to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Southbourne will mostly be legally entitled to a lease extension; however a solicitor will check if you qualify. In certain circumstances you may not qualify. There are also strict deadlines and procedures to comply with once the process is triggered so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold residencies in Southbourne with more than 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Nationwide Building Society | |
| Skipton Building Society | |
| Royal Bank of Scotland | |
| Virgin |
The conveyancing solicitors that we work with procure Southbourne lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
Subsequent to lengthy correspondence with the freeholder of her garden apartment in Southbourne, Caitlin commenced the lease extension process just as the lease was approaching the critical 80-year mark. The transaction was concluded in November 2007. The landlord’s fees were kept to an absolute minimum.
Mr N Pérez completed a one bedroom flat in Southbourne in March 2002. We are asked if we could estimate the price would be to prolong the lease by a further 90 years. Similar properties in Southbourne with an extended lease were valued about £275,000. The average ground rent payable was £55 invoiced quarterly. The lease elapsed on 8 October 2102. Considering the 76 years remaining we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of costs.
Mr O James was assigned a lease of a studio apartment in Southbourne in April 2007. The dilemma was if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Identical premises in Southbourne with 100 year plus lease were valued around £176,200. The mid-range amount of ground rent was £65 billed yearly. The lease ended on 22 March 2082. Taking into account 56 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £29,500 and £34,000 exclusive of professional charges.