With a residential leasehold property in Thetford, 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 become complacent as this seems like a lengthy period of time, you may think about a lease extension sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly especially when there are less than eighty years left. Anyone in Thetford with a lease approaching 81 years unexpired should seriously think of extending it as soon as possible. Once a lease has under 80 years remaining, under the relevant legislation the landlord can calculate and levy a larger amount, based on a technical calculation, strangely termed as “marriage value” which is due.
Leasehold premises in Thetford with in excess of one hundred 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 freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Birmingham Midshires | |
| Santander | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a landlord in Thetford,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Thetford valuers.
Off the back of protracted negotiations with the landlord of her garden apartment in Thetford, Katie initiated the lease extension process as the eighty year threshold was rapidly coming. The lease extension was finalised in September 2011. The landlord’s costs were restricted to about 450 pounds.
Mr and Mrs. S Wright was assigned a lease of a first floor apartment in Thetford in March 1997. We are asked if we could approximate the premium would likely be for a ninety year extension to my lease. Comparative flats in Thetford with 100 year plus lease were in the region of £218,000. The average ground rent payable was £45 billed annually. The lease termination date was on 15 September 2089. Taking into account 63 years unexpired we approximated the compensation to the landlord to extend the lease to be within £17,100 and £19,800 not including professional charges.
Last Summer we were contacted by Mr and Mrs. I Allen , who moved into a basement apartment in Thetford in June 2010. We are asked if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Comparative homes in Thetford with an extended lease were worth £265,000. The average amount of ground rent was £50 collected per annum. The lease expired in 2100. Having 74 years remaining we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus expenses.