With a residential leasehold premises in Stamford Bridge, you effectively rent it for a certain period of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should consider a lease extension sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately greater notably once there are less than eighty years remaining. Residents in Stamford Bridge with a lease drawing near to 81 years left should seriously think of extending it sooner than later. When the lease term has below eighty years left, under the relevant statute the landlord can calculate and charge a greater amount, based on a technical calculation, known as “marriage value” which is payable.
It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Godiva Mortgages | |
| Halifax | |
| TSB |
Engaging our service gives you increased control over the value of your Stamford Bridge leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Liam was the the leasehold proprietor of a conversion flat in Stamford Bridge being marketed with a lease of a little over fifty eight years unexpired. Liam on an informal basis spoke with his landlord being a well known London-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 per annum. Ordinarily, ground rent would not be payable on a lease extension were Liam to invoke his statutory right. Liam procured expert advice and was able to make an informed decision and handle with the matter and ending up with a market value flat.
Last Winter we were approach by Mr and Mrs. T Khan , who completed a one bedroom apartment in Stamford Bridge in February 2006. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Comparable properties in Stamford Bridge with 100 year plus lease were worth £193,400. The mid-range ground rent payable was £65 collected per annum. The lease came to a finish on 2 March 2085. Taking into account 59 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £21,900 and £25,200 plus professional charges.
Mr Evan Bell owned a garden apartment in Stamford Bridge in April 1999. The dilemma was if we could shed any light on how much (roughly) premium would be to prolong the lease by a further 90 years. Comparable homes in Stamford Bridge with an extended lease were in the region of £250,000. The mid-range ground rent payable was £50 invoiced monthly. The lease came to a finish on 9 September 2095. Considering the 69 years remaining we approximated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including costs.