When it comes to long leasehold premises in Swadlincote, you are actually buying a right to reside in a property for a set period of time. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may consider extending the lease sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease becomes disproportionately greater particularly when there are less than eighty years left. Anyone in Swadlincote with a lease drawing near to 81 years remaining should seriously consider extending it without delay. Once a lease has below 80 years outstanding, under the relevant legislation the landlord is entitled to calculate and charge a greater premium, assessed on a technical computation, known as “marriage value” which is payable.
Leasehold residencies in Swadlincote with over one hundred years left 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 buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Halifax |
Lease extensions in Swadlincote can be a difficult process. We recommend you get professional help from a lawyer 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 procuring Swadlincote lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Callum owned a 2 bedroom flat in Swadlincote being sold with a lease of a few days over 72 years unexpired. Callum on an informal basis approached his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £125 yearly. No ground rent would be payable on a lease extension were Callum to exercise his statutory right. Callum procured expert advice and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.
Dr George Petit moved into a ground floor apartment in Swadlincote in November 2001. We are asked if we could approximate the premium could be to extend the lease by an additional years. Similar premises in Swadlincote with an extended lease were worth £280,000. The mid-range amount of ground rent was £45 billed every twelve months. The lease ran out on 14 January 2096. Given that there were 70 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 plus fees.
Mr Luca Gunderson moved into a recently refurbished apartment in Swadlincote in September 2005. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by an additional years. Comparable residencies in Swadlincote with 100 year plus lease were worth £223,400. The average ground rent payable was £60 billed per annum. The lease ran out on 26 May 2085. Considering the 59 years unexpired we estimated the compensation to the landlord to extend the lease to be within £27,600 and £31,800 not including professional charges.