When it comes to domestic leasehold premises in Stockwood, you are in fact renting it for a certain amount of time. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you may think about a lease extension sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease becomes disproportionately greater notably once there are fewer than 80 years remaining. Anyone in Stockwood 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 left, under the current statute the landlord is entitled to calculate and levy a larger premium, based on a technical computation, strangely termed as “marriage value” which is due.
Leasehold premises in Stockwood with more than 100 years outstanding on the lease are often 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 upside in purchasing the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| Halifax | |
| Virgin |
Irrespective of whether you are a tenant or a landlord in Stockwood,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Stockwood valuers.
Connor was the the leasehold owner of a high value apartment in Stockwood being sold with a lease of a little over 59 years unexpired. Connor informally spoke with his freeholder 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 rise in the rent to £125 per annum. Ordinarily, ground rent would not be due on a lease extension were Connor to exercise his statutory right. Connor obtained expert advice and was able to make a more informed decision and deal with the matter and readily saleable.
In 2013 we were approached by Ms Grace Mitchell who, having was assigned a lease of a ground floor apartment in Stockwood in February 2011. The question was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Identical flats in Stockwood with a long lease were valued about £264,000. The mid-range ground rent payable was £60 billed monthly. The lease came to a finish in 2079. Considering the 53 years remaining we calculated the compensation to the freeholder for the lease extension to be within £37,100 and £42,800 exclusive of costs.
Mr and Mrs. C Bennett moved into a basement flat in Stockwood in July 1997. We are asked if we could approximate the premium would likely be to extend the lease by an additional years. Similar residencies in Stockwood with a long lease were in the region of £220,400. The average amount of ground rent was £45 collected annually. The lease lapsed in 2090. Given that there were 64 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £15,200 and £17,600 plus costs.