There is no doubt about it a leasehold flat or house in Thornton Cleveleys is a wasting asset as a result of the diminishing lease term. If the residual term has, beyond one hundred years to run then this decrease may be fractional however there will become a point in time when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should consider extending without delay. Many flat owners in Thornton Cleveleys will meet the qualifying criteria; however a conveyancer will be able to advise if you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold properties in Thornton Cleveleys with in excess of one hundred years remaining on the lease are sometimes 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 upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Coventry Building Society | |
| National Westminster Bank | |
| Santander | |
| Royal Bank of Scotland |
Irrespective of whether you are a tenant or a landlord in Thornton Cleveleys,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 in-depth market knowledge and the close ties they enjoy with Thornton Cleveleys valuers.
Two years ago Ibrahim, came seriously near to the eighty-year mark with the lease on his garden apartment in Thornton Cleveleys. Having purchased his flat two decades ago, the unexpired term was of no interest. Fortunately, he realised he would soon be paying an escalated premium for a lease extension. Ibrahim was able to extend his lease at the eleventh hour in August. Ibrahim and the landlord eventually settled on an amount of £5,000 . If he not met the deadline, the price would have escalated by at least £1,025.
Last May we were e-mailed by Mr and Mrs. M Adams , who took over the lease of a basement apartment in Thornton Cleveleys in August 2001. The question was if we could estimate the premium could be to extend the lease by ninety years. Similar residencies in Thornton Cleveleys with an extended lease were valued around £183,600. The average amount of ground rent was £65 collected every twelve months. The lease expired on 19 September 2083. Considering the 57 years unexpired we estimated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 plus professional charges.
Last October we were called by Mr C Rose , who acquired a studio apartment in Thornton Cleveleys in July 1995. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year lease extension. Similar residencies in Thornton Cleveleys with an extended lease were worth £245,000. The mid-range ground rent payable was £50 invoiced quarterly. The lease ended on 23 June 2094. Given that there were 68 years outstanding we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including costs.