When it comes to long leasehold property in Streatham Vale, you are in fact renting it for a certain period of time. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should consider extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately greater particularly once there are fewer than eighty years left. Anyone in Streatham Vale with a lease approaching 81 years unexpired should seriously consider extending it sooner rather than later. Once the lease term has less than eighty years outstanding, under the current legislation the freeholder can calculate and levy a greater amount, assessed on a technical multiplication, known as “marriage value” which is due.
Leasehold properties in Streatham Vale with more than 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Godiva Mortgages | |
| Santander | |
| TSB | |
| Virgin |
The lawyers that we work with procure Streatham Vale 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 lawyer we work with provide it.
In 2014 Eliot, came precariously near to the eighty-year mark with the lease on his studio apartment in Streatham Vale. In buying his property 19 years previously, the lease term was of minimal bearing. Thankfully, he became aware that he would soon be paying an escalated premium for a lease extension. Eliot was able to extend his lease just under the wire in January. Eliot and the landlord who owned the flat above subsequently agreed on the final figure of £5,000 . If he had missed the deadline, the price would have become more costly by at least £850.
In 2014 we were e-mailed by Ms Isabelle Roberts who, having took over the lease of a studio apartment in Streatham Vale in September 1996. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Similar premises in Streatham Vale with 100 year plus lease were valued around £260,200. The mid-range amount of ground rent was £65 invoiced monthly. The lease expired in 2092. Taking into account 66 years outstanding we estimated the compensation to the landlord for the lease extension to be between £16,200 and £18,600 not including costs.
In 2010 we were approached by Ms U Jackson who, having acquired a one bedroom apartment in Streatham Vale in November 2010. The dilemma was if we could approximate the price would likely be for a ninety year lease extension. Identical premises in Streatham Vale with an extended lease were in the region of £198,800. The mid-range ground rent payable was £55 collected quarterly. The lease finished in 2081. Given that there were 55 years left we approximated the premium to the freeholder for the lease extension to be between £33,300 and £38,400 plus fees.