When it comes to long leasehold property in Sowerby Bridge, you are actually buying an entitlement to live in a property for a set period of time. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should think about extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease becomes disproportionately more expensive notably once there are fewer than eighty years left. Anyone in Sowerby Bridge with a lease approaching 81 years left should seriously consider extending it as soon as possible. When the lease term has fewer than eighty years left, under the relevant legislation the landlord is entitled to calculate and levy a greater premium, based on a technical computation, known as “marriage value” which is due.
It is generally considered that a property with in excess of one hundred 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 residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Birmingham Midshires | |
| The Mortgage Works | |
| Yorkshire Building Society |
Lease extensions in Sowerby Bridge can be a difficult process. We recommend you get guidance from a conveyancer and surveyor with experience in this area.
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 dealing with Sowerby Bridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Seth was the the leasehold owner of a 2 bedroom apartment in Sowerby Bridge on the market with a lease of fraction over sixty years outstanding. Seth informally spoke with his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £100 annually. No ground rent would be due on a lease extension were Seth to invoke his statutory right. Seth obtained expert legal guidance and was able to make a more informed judgement and deal with the matter and sell the flat.
Last Winter we were approach by Dr Imogen Howard , who bought a first floor apartment in Sowerby Bridge in April 2007. The dilemma was if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Comparative flats in Sowerby Bridge with an extended lease were in the region of £246,800. The average ground rent payable was £60 billed monthly. The lease lapsed in 2076. Taking into account 50 years remaining we calculated the premium to the freeholder to extend the lease to be between £44,700 and £51,600 not including legals.
Last year we were phoned by Mr Callum Rivera , who was assigned a lease of a first floor flat in Sowerby Bridge in March 2000. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Comparable properties in Sowerby Bridge with an extended lease were worth £208,200. The mid-range ground rent payable was £65 invoiced monthly. The lease expired in 2087. Taking into account 61 years outstanding we approximated the premium to the landlord to extend the lease to be within £20,000 and £23,000 exclusive of expenses.