When it comes to long leasehold property in Wells Next The Sea, you are actually purchasing a right to reside in a property for a set period of time. These days flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you should think about extending the lease sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately greater notably when there are fewer than eighty years remaining. Leasehold owners in Wells Next The Sea with a lease approaching 81 years remaining should seriously consider extending it as soon as possible. When the lease term has under eighty years left, under the current Act the freeholder is entitled to calculate and charge a larger amount, assessed on a technical calculation, strangely termed as “marriage value” which is due.
It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Virgin |
Retaining our service will provide you better control over the value of your Wells Next The Sea leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Kian owned a conversion flat in Wells Next The Sea on the market with a lease of a little over 61 years remaining. Kian informally contacted his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Kian to exercise his statutory right. Kian obtained expert advice and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.
In 2011 we were phoned by Mr and Mrs. V Laurent who, having owned a studio apartment in Wells Next The Sea in September 2000. The question was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by 90 years. Comparable homes in Wells Next The Sea with an extended lease were in the region of £216,000. The average amount of ground rent was £60 collected quarterly. The lease finished on 3 September 2084. Given that there were 58 years remaining we estimated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of professional charges.
In 2011 we were e-mailed by Mr Jack Martinez who, having owned a newly refurbished flat in Wells Next The Sea in September 2002. We are asked if we could estimate the compensation to the landlord could be to extend the lease by a further 90 years. Comparable flats in Wells Next The Sea with a long lease were worth £205,000. The average ground rent payable was £50 collected every twelve months. The lease elapsed on 6 May 2104. Having 78 years unexpired we approximated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of costs.