When it comes to long leasehold premises in Syston, you are actually buying a right to reside in a property for a prescribed time frame. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you may think about a lease extension sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease gets disproportionately greater particularly when there are fewer than 80 years remaining. Residents in Syston with a lease nearing 81 years unexpired should seriously consider extending it sooner rather than later. When the lease term has under eighty years outstanding, under the current Act the freeholder is entitled to calculate and charge a larger amount, assessed on a technical computation, strangely termed as “marriage value” which is payable.
Leasehold properties in Syston with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Leeds Building Society | |
| TSB | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Retaining our service gives you enhanced control over the value of your Syston leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Kyle was the the leasehold owner of a studio apartment in Syston on the market with a lease of fraction over 59 years unexpired. Kyle on an informal basis contacted his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Kyle to exercise his statutory right. Kyle procured expert legal guidance and secured satisfactory resolution without resorting to tribunal and readily saleable.
Last month we were phoned by Ms Kirsty Bernard , who bought a newly refurbished apartment in Syston in March 2003. We are asked if we could estimate the premium would be for a 90 year lease extension. Comparable properties in Syston with a long lease were in the region of £243,000. The mid-range ground rent payable was £65 collected annually. The lease ended in 2089. Taking into account 63 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £20,000 and £23,000 exclusive of legals.
In 2011 we were phoned by Dr P Roberts who, having was assigned a lease of a purpose-built apartment in Syston in August 1999. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Comparative homes in Syston with a long lease were in the region of £181,600. The mid-range ground rent payable was £55 collected quarterly. The lease came to a finish on 26 February 2078. Given that there were 52 years outstanding we calculated the premium to the freeholder to extend the lease to be within £30,400 and £35,200 plus costs.