With a long leasehold premises in Wheathampstead, you are actually purchasing a right to reside in a property for a set period of time. In recent years 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. The general rule is that the shorter the number of years is the cost of extending the lease becomes disproportionately greater notably when there are less than eighty years left. Residents in Wheathampstead with a lease nearing 81 years remaining should seriously think of extending it without delay. Once the lease term has under 80 years outstanding, under the relevant statute the freeholder can calculate and demand a greater amount, assessed on a technical computation, known as “marriage value” which is due.
It is generally accepted that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Barnsley Building Society | |
| Coventry Building Society | |
| Virgin |
Lease extensions in Wheathampstead can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor with experience in lease extensions.
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 Wheathampstead lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Archie owned a high value apartment in Wheathampstead on the market with a lease of a little over 72 years left. Archie on an informal basis contacted his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Archie to invoke his statutory right. Archie obtained expert advice and secured satisfactory deal informally and readily saleable.
In 2013 we were contacted by Dr Liam Lefebvre who, having purchased a purpose-built flat in Wheathampstead in June 2008. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by an additional years. Similar flats in Wheathampstead with 100 year plus lease were valued around £285,000. The average ground rent payable was £45 invoiced every twelve months. The lease ran out in 2097. Taking into account 71 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 plus expenses.
Last Spring we were approach by Mr and Mrs. R Walker , who acquired a ground floor apartment in Wheathampstead in September 1995. The dilemma was if we could estimate the price could be for a 90 year lease extension. Identical homes in Wheathampstead with an extended lease were worth £225,800. The mid-range amount of ground rent was £60 billed annually. The lease ran out in 2086. Given that there were 60 years unexpired we estimated the compensation to the landlord for the lease extension to be between £23,800 and £27,400 plus fees.