With a domestic leasehold property in Stoke Bishop, you effectively rent it for a certain amount of time. These days 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 may think about a lease extension sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease becomes disproportionately more expensive especially when there are fewer than eighty years remaining. Anyone in Stoke Bishop with a lease drawing near to 81 years left should seriously think of extending it without delay. When the lease term has below eighty years outstanding, under the current Act the landlord can calculate and charge a greater amount, assessed on a technical calculation, strangely termed as “marriage value” which is payable.
Leasehold premises in Stoke Bishop with in excess of one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Godiva Mortgages | |
| Halifax | |
| Nationwide Building Society | |
| Yorkshire Building Society |
Lease extensions in Stoke Bishop can be a difficult process. We recommend you secure professional help from a lawyer and valuer well versed in the legislation and lease extension process.
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 Stoke Bishop lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Teddy owned a high value flat in Stoke Bishop being marketed with a lease of a little over 72 years unexpired. Teddy on an informal basis spoke with his freeholder 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 on the basis of an increased rent to £125 per annum. Ordinarily, ground rent would not be payable on a lease extension were Teddy to exercise his statutory right. Teddy procured expert legal guidance and was able to make a more informed decision and deal with the matter and sell the property.
Mr A Torres owned a ground floor apartment in Stoke Bishop in September 2009. We are asked if we could estimate the price would likely be for a 90 year extension to my lease. Comparative residencies in Stoke Bishop with 100 year plus lease were worth £242,600. The mid-range amount of ground rent was £45 collected monthly. The lease ended in 2093. Having 67 years remaining we calculated the compensation to the landlord for the lease extension to be between £11,400 and £13,200 plus costs.
In 2014 we were approached by Mr and Mrs. L Bell who, having purchased a one bedroom apartment in Stoke Bishop in June 2011. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year lease extension. Comparable premises in Stoke Bishop with 100 year plus lease were worth £280,000. The mid-range ground rent payable was £55 invoiced annually. The lease elapsed on 10 October 2104. Having 78 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 plus professional charges.