The only way is down when it comes to Swanley lease terms. Swanley leaseholds that have a residual term fewer than eighty years will drop in value at a rapid rate, and the cost of extending your lease will go up.
Leasehold premises in Swanley with in excess of 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| National Westminster Bank | |
| Skipton Building Society | |
| Virgin | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a landlord in Swanley,the lease extension lawyers 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 Swanley valuers.
Last Autumn Nathan, started to get close to the eighty-year mark with the lease on his leasehold apartment in Swanley. In buying his property 18 years ago, the lease term was of little interest. As luck would have it, he became aware that he would soon be paying an inflated amount for Extending the lease. Nathan arranged for a lease extension at the eleventh hour last August. Nathan and the landlord ultimately agreed on sum of £5,500 . If the lease had dipped lower than 80 years, the figure would have increased by a minimum £850.
In 2011 we were e-mailed by Dr M Roux who, having was assigned a lease of a one bedroom apartment in Swanley in June 2008. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparable properties in Swanley with 100 year plus lease were valued about £280,000. The mid-range amount of ground rent was £55 billed monthly. The lease terminated on 14 July 2104. Given that there were 78 years outstanding we calculated the premium to the landlord for the lease extension to be within £13,300 and £15,400 plus expenses.
An example of a Lease Extension decision for a Swanley flat is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case affected 13 flats. The number of years remaining on the existing lease(s) was 76 years.