When it comes to residential leasehold premises in Wargrave, you effectively rent it for a certain amount of time. In recent years flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you should consider extending the lease sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly particularly when there are less than eighty years left. Leasehold owners in Wargrave with a lease drawing near to 81 years left should seriously think of extending it as soon as possible. When the lease term has under 80 years remaining, under the current statute the landlord can calculate and charge a greater premium, assessed on a technical multiplication, known as “marriage value” which is due.
It is generally considered that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Coventry Building Society | |
| Leeds Building Society | |
| Virgin |
Irrespective of whether you are a tenant or a freeholder in Wargrave,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Wargrave valuers.
Freddie owned a studio flat in Wargrave being marketed with a lease of a few days over 59 years unexpired. Freddie on an informal basis contacted his freeholder being a well known local-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £200 per annum. Ordinarily, ground rent would not be due on a lease extension were Freddie to invoke his statutory right. Freddie procured expert advice and was able to make a more informed decision and handle with the matter and sell the flat.
Mr and Mrs. O Allen was assigned a lease of a basement apartment in Wargrave in July 2007. We are asked if we could shed any light on how much (roughly) premium could be to extend the lease by ninety years. Similar properties in Wargrave with an extended lease were worth £254,200. The average ground rent payable was £60 invoiced per annum. The lease elapsed in 2077. Given that there were 51 years left we approximated the compensation to the landlord for the lease extension to be within £43,700 and £50,600 plus fees.
In 2009 we were contacted by Dr Hannah Davis who, having took over the lease of a first floor flat in Wargrave in August 2010. The question was if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Identical premises in Wargrave with an extended lease were worth £210,600. The average ground rent payable was £45 collected per annum. The lease concluded in 2088. Given that there were 62 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £18,100 and £20,800 not including costs.