With a domestic leasehold property in West Thurrock, you are actually buying an entitlement to reside in a property for a prescribed time frame. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you may think about a lease extension sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly particularly when there are less than eighty years left. Anyone in West Thurrock with a lease drawing near to 81 years left should seriously think of extending it as soon as possible. Once a lease has below 80 years left, under the current Act the freeholder can calculate and levy a larger premium, based on a technical calculation, strangely termed as “marriage value” which is payable.
Leasehold premises in West Thurrock with over one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Virgin |
Lease extensions in West Thurrock can be a difficult process. We recommend you procure guidance from a lawyer and valuer 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 in-depth market knowledge procuring West Thurrock lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Ali, started to get near to the 80-year mark with the lease on his leasehold apartment in West Thurrock. In buying his home two decades ago, the length of the lease was of minimal relevance. Fortunately, it dawned on him that he needed to take steps soon on Extending the lease. Ali was able to extend his lease just ahead of time in July. Ali and the landlord subsequently agreed on sum of £6,000 . If the lease had descended below 80 years, the price would have increased by a minimum £975.
Ms Elizabeth Adams bought a ground floor apartment in West Thurrock in January 2004. We are asked if we could approximate the price would likely be for a 90 year lease extension. Comparative homes in West Thurrock with 100 year plus lease were in the region of £275,000. The average amount of ground rent was £55 billed annually. The lease came to a finish on 21 February 2102. Having 76 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 not including professional charges.
An example of a Lease Extension matter before the tribunal for a West Thurrock residence is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case affected 13 flats. The unexpired term was 76 years.