When it comes to long leasehold premises in Windmill Hill, you are in fact renting it for a certain period of time. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should think about extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease gets disproportionately greater especially once there are fewer than eighty years remaining. Leasehold owners in Windmill Hill with a lease nearing 81 years remaining should seriously think of extending it sooner as opposed to later. Once a lease has below 80 years outstanding, under the current statute the landlord is entitled to calculate and levy a greater amount, assessed on a technical computation, strangely termed as “marriage value” which is payable.
Leasehold premises in Windmill Hill with more than one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Skipton Building Society |
Retaining our service will provide you better control over the value of your Windmill Hill leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Last year Reuben, came critically close to the eighty-year threshold with the lease on his first floor flat in Windmill Hill. In buying his home twenty years previously, the lease term was of minimal relevance. As luck would have it, it dawned on him that he needed to take action soon on Extending the lease. Reuben was able to extend his lease just ahead of time in June. Reuben and the landlord eventually agreed on sum of £6,000 . If he failed to meet the deadline, the sum would have gone up by a minimum £1,150.
In 2011 we were approached by Mrs Paige Jones who, having completed a ground floor apartment in Windmill Hill in September 1998. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Identical premises in Windmill Hill with a long lease were in the region of £176,200. The average ground rent payable was £65 billed monthly. The lease concluded in 2082. Having 56 years as a residual term we calculated the premium to the landlord to extend the lease to be within £29,500 and £34,000 plus professional charges.
In 2014 we were phoned by Mr and Mrs. V Lefebvre who, having moved into a basement flat in Windmill Hill in November 1996. The question was if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Comparative flats in Windmill Hill with 100 year plus lease were valued around £242,600. The average amount of ground rent was £45 billed annually. The lease expiry date was on 19 January 2093. Having 67 years remaining we calculated the compensation to the freeholder for the lease extension to be within £11,400 and £13,200 exclusive of fees.