With a long leasehold property in Wolviston, you are in fact renting it for a certain amount of time. These days 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 may consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately greater notably once there are fewer than eighty years remaining. Anyone in Wolviston with a lease drawing near to 81 years remaining should seriously think of extending it without delay. When a lease has under eighty years remaining, under the current Act the landlord can calculate and levy a greater premium, assessed on a technical computation, strangely termed as “marriage value” which is payable.
Leasehold premises in Wolviston with over 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Virgin | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a landlord in Wolviston,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Wolviston valuers.
Benjamin owned a 2 bedroom apartment in Wolviston on the market with a lease of just over 59 years left. Benjamin informally contacted his landlord a well known London-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £200 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Benjamin to exercise his statutory right. Benjamin procured expert advice and was able to make an informed decision and deal with the matter and sell the property.
Last Spring we were e-mailed by Mr and Mrs. O Flores , who completed a purpose-built flat in Wolviston in May 2000. The dilemma was if we could approximate the compensation to the landlord would be to prolong the lease by 90 years. Comparative premises in Wolviston with 100 year plus lease were valued about £285,000. The mid-range amount of ground rent was £45 collected monthly. The lease expired on 25 August 2098. Considering the 72 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of professional charges.
In 2014 we were contacted by Dr A André who, having purchased a basement flat in Wolviston in September 1995. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by an additional years. Comparable homes in Wolviston with a long lease were in the region of £233,200. The mid-range amount of ground rent was £60 collected monthly. The lease elapsed on 25 April 2087. Having 61 years remaining we calculated the compensation to the freeholder for the lease extension to be within £22,800 and £26,400 exclusive of fees.