When it comes to long leasehold premises in Valley, you are in fact renting it for a certain period of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should consider a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease becomes disproportionately more expensive particularly once there are less than 80 years remaining. Leasehold owners in Valley with a lease drawing near to 81 years unexpired should seriously consider extending it as soon as possible. Once a lease has under 80 years outstanding, under the relevant Act the freeholder is entitled to calculate and charge a larger premium, assessed on a technical multiplication, known as “marriage value” which is due.
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Leeds Building Society | |
| Royal Bank of Scotland |
Lease extensions in Valley can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor with experience in this area.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Valley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
William owned a high value flat in Valley being marketed with a lease of a few days over sixty years left. William informally approached his freeholder a well known Bristol-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 £100 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were William to invoke his statutory right. William procured expert advice and was able to make an informed decision and handle with the matter and readily saleable.
Last Winter we were e-mailed by Mr David Walker , who was assigned a lease of a newly refurbished apartment in Valley in May 1996. The dilemma was if we could estimate the price would likely be to extend the lease by a further 90 years. Identical residencies in Valley with 100 year plus lease were in the region of £255,000. The average amount of ground rent was £50 invoiced quarterly. The lease expired on 22 May 2096. Having 70 years left we estimated the compensation to the freeholder for the lease extension to be within £10,500 and £12,000 exclusive of professional charges.
Mr and Mrs. U Roberts took over the lease of a purpose-built apartment in Valley in October 2002. The dilemma was if we could estimate the premium could be for a ninety year lease extension. Identical flats in Valley with an extended lease were in the region of £246,800. The mid-range amount of ground rent was £60 collected yearly. The lease concluded in 2076. Taking into account 50 years left we estimated the premium to the freeholder to extend the lease to be between £44,700 and £51,600 not including fees.