The nearer a domestic lease in Westonzoyland nears to zero years unexpired, the the greater the reduction in the value of the property. Where the residual term has, over 99 years remaining then this decrease may be negligible nevertheless there will become a point in time when a lease has less than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main reason why you should extend the lease without delay. The majority of flat owners in Westonzoyland will qualify for this right; nevertheless a conveyancing solicitor can confirm if you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold properties in Westonzoyland with more than one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Nationwide Building Society | |
| Virgin |
Retaining our service will provide you enhanced control over the value of your Westonzoyland leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Harry was the the leasehold owner of a 2 bedroom flat in Westonzoyland being sold with a lease of a little over 61 years unexpired. Harry on an informal basis spoke with his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £200 annually. Ordinarily, ground rent would not be payable on a lease extension were Harry to invoke his statutory right. Harry procured expert legal guidance and was able to make a more informed decision and handle with the matter and readily saleable.
In 2010 we were contacted by Ms N Clark who, having acquired a one bedroom apartment in Westonzoyland in August 2011. We are asked if we could approximate the compensation to the landlord would be for a ninety year lease extension. Comparative properties in Westonzoyland with 100 year plus lease were in the region of £220,400. The average ground rent payable was £45 collected quarterly. The lease lapsed in 2090. Considering the 64 years remaining we calculated the compensation to the landlord to extend the lease to be within £15,200 and £17,600 not including costs.
In 2011 we were e-mailed by Mr C Cooper who, having owned a one bedroom apartment in Westonzoyland in August 2004. We are asked if we could shed any light on how much (roughly) price would be for a ninety year extension to my lease. Comparative premises in Westonzoyland with a long lease were valued about £270,000. The average amount of ground rent was £55 invoiced quarterly. The lease lapsed on 27 August 2101. Given that there were 75 years outstanding we calculated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of professional charges.