Unfortunately that a Swanland residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the loss of value being disguised by increases in the Swanland property market.Once your lease nears 85ish years, you should start thinking about a lease extension. If the number of years remaining drops under 80 years, you will end up paying half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property The majority of flat owners in Swanland will be able to extend under the legislation; however a lawyer should be able to clarify whether you qualify for an extension. In some situations you may not be entitled. There are also strict timetables and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancer from beginning to end of the process.
Leasehold residencies in Swanland with in excess of one hundred years left on the lease are often regarded as a ‘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 maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| Santander | |
| Royal Bank of Scotland | |
| Virgin |
The conveyancing solicitors that we work with procure Swanland 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 conveyancer we work with provide it.
Subsequent to unsuccessful correspondence with the freeholder of her one bedroom apartment in Swanland, Daisy started the lease extension process as the eighty year threshold was quickly approaching. The legal work completed in April 2005. The landlord’s charges were negotiated to under 650 GBP.
Last Winter we were contacted by Mr and Mrs. H Patel , who was assigned a lease of a purpose-built flat in Swanland in October 1998. We are asked if we could estimate the premium could be to extend the lease by an additional years. Comparable properties in Swanland with a long lease were in the region of £218,400. The average ground rent payable was £60 collected quarterly. The lease terminated on 17 May 2085. Taking into account 59 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £27,600 and £31,800 not including expenses.
In 2010 we were e-mailed by Dr Samuel Khan who, having moved into a studio apartment in Swanland in November 2008. The dilemma was if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Comparable homes in Swanland with a long lease were valued about £205,000. The mid-range amount of ground rent was £50 billed yearly. The lease concluded in 2105. Having 79 years unexpired we approximated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of expenses.