With a long leasehold property in Watnall, you are actually purchasing an entitlement to reside in a property for a prescribed time frame. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may consider extending the lease sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly particularly when there are fewer than 80 years left. Anyone in Watnall with a lease nearing 81 years left should seriously consider extending it sooner rather than later. When the lease term has under eighty years remaining, under the current statute the landlord is entitled to calculate and demand a larger amount, based on a technical multiplication, known as “marriage value” which is payable.
It is conventional wisdom that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Barnsley Building Society | |
| Halifax | |
| Royal Bank of Scotland |
Lease extensions in Watnall can be a difficult process. We recommend you get professional help from a lawyer and surveyor well versed in the legislation and lease extension process.
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 Watnall lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jason owned a 2 bedroom flat in Watnall on the market with a lease of a few days over 59 years outstanding. Jason informally contacted his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Jason to invoke his statutory right. Jason procured expert legal guidance and secured an acceptable resolution without going to tribunal and ending up with a market value flat.
Mrs F Jackson took over the lease of a first floor apartment in Watnall in February 2009. We are asked if we could approximate the premium would likely be to extend the lease by 90 years. Identical premises in Watnall with a long lease were valued around £173,800. The mid-range amount of ground rent was £60 collected annually. The lease termination date was in 2081. Given that there were 55 years remaining we approximated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 not including costs.
Mr M Bell owned a garden apartment in Watnall in September 2006. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Similar flats in Watnall with 100 year plus lease were worth £235,200. The mid-range amount of ground rent was £45 invoiced yearly. The lease expiry date was in 2092. Considering the 66 years outstanding we approximated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 plus expenses.