With a residential leasehold property in Symonds Yat, you are in fact renting it for a certain amount of time. In recent years 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 a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately greater particularly once there are less than 80 years left. Residents in Symonds Yat with a lease drawing near to 81 years unexpired should seriously think of extending it as soon as possible. Once the lease term has below eighty years remaining, under the relevant statute the landlord is entitled to calculate and levy a larger premium, based on a technical calculation, known as “marriage value” which is payable.
It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Godiva Mortgages | |
| Santander | |
| TSB | |
| Royal Bank of Scotland |
Regardless of whether you are a tenant or a landlord in Symonds Yat,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Symonds Yat valuers.
Felix was the the leasehold proprietor of a 2 bedroom apartment in Symonds Yat on the market with a lease of a few days over sixty years left. Felix informally approached his freeholder a well known local-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Felix to invoke his statutory right. Felix obtained expert advice and secured satisfactory resolution informally and ending up with a market value flat.
Dr Rachael Roberts owned a basement flat in Symonds Yat in October 2002. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Identical residencies in Symonds Yat with an extended lease were valued about £200,000. The average ground rent payable was £50 invoiced per annum. The lease ended on 18 October 2104. Given that there were 78 years left we approximated the premium to the landlord for the lease extension to be within £8,600 and £9,800 plus professional charges.
Last August we were e-mailed by Dr Erin Flores , who moved into a garden flat in Symonds Yat in October 2005. The question was if we could shed any light on how much (approximately) price could be to prolong the lease by an additional years. Similar properties in Symonds Yat with 100 year plus lease were in the region of £267,600. The mid-range ground rent payable was £65 collected yearly. The lease terminated on 13 January 2093. Having 67 years outstanding we calculated the compensation to the landlord to extend the lease to be between £14,300 and £16,400 exclusive of legals.