When it comes to residential leasehold premises in Weston super Mare, you effectively rent it for a certain period of time. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you should consider a lease extension sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive particularly once there are less than eighty years left. Residents in Weston super Mare with a lease approaching 81 years unexpired should seriously consider extending it as soon as possible. Once the lease term has under 80 years left, under the relevant legislation the freeholder is entitled to calculate and levy a greater amount, based on a technical computation, known as “marriage value” which is payable.
It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Royal Bank of Scotland |
Retaining our service gives you better control over the value of your Weston super Mare leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Last October Omar, started to get close to the eighty-year mark with the lease on his one bedroom flat in Weston super Mare. Having bought his flat 18 years ago, the length of the lease was of no significance. Fortunately, he became aware that he needed to take steps soon on a lease extension. Omar arranged for a lease extension just under the wire in July. Omar and the landlord who owned the flat above eventually settled on the final figure of £5,000 . If he not met the deadline, the amount would have escalated by a minimum £925.
Last year we were phoned by Mrs Bethan Gray , who acquired a one bedroom apartment in Weston super Mare in March 2005. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by ninety years. Comparable properties in Weston super Mare with a long lease were valued about £260,000. The mid-range ground rent payable was £50 billed every twelve months. The lease concluded on 5 July 2098. Given that there were 72 years left we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 not including costs.
In 2009 we were called by Mr and Mrs. G Nelson who, having completed a basement flat in Weston super Mare in February 2009. The dilemma was if we could approximate the price would be to prolong the lease by a further 90 years. Comparable flats in Weston super Mare with 100 year plus lease were valued around £256,600. The mid-range ground rent payable was £60 billed annually. The lease finished on 9 August 2078. Considering the 52 years left we approximated the compensation to the freeholder for the lease extension to be within £39,000 and £45,000 plus professional charges.