When it comes to long leasehold premises in Woodthorpe, you effectively rent it for a certain amount of time. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may consider a lease extension sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly especially once there are less than eighty years remaining. Leasehold owners in Woodthorpe with a lease drawing near to 81 years unexpired should seriously think of extending it as soon as possible. Once a lease has under eighty years remaining, under the relevant legislation the freeholder is entitled to calculate and demand a larger amount, assessed on a technical calculation, strangely termed as “marriage value” which is due.
It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Skipton Building Society | |
| TSB | |
| The Mortgage Works | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Lease extensions in Woodthorpe can be a difficult process. We recommend you procure 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 procuring Woodthorpe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Harry owned a 2 bedroom flat in Woodthorpe being marketed with a lease of just over 61 years unexpired. Harry informally spoke with his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £150 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Harry to invoke his statutory right. Harry procured expert advice and secured satisfactory deal without resorting to tribunal and readily saleable.
In 2009 we were e-mailed by Mr and Mrs. C Hill who, having took over the lease of a garden apartment in Woodthorpe in November 2006. We are asked if we could estimate the compensation to the landlord could be for a ninety year lease extension. Comparable flats in Woodthorpe with an extended lease were worth £255,000. The mid-range amount of ground rent was £50 collected monthly. The lease ended in 2096. Taking into account 70 years outstanding we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including fees.
Last month we were called by Dr Leah Mason , who purchased a first floor apartment in Woodthorpe in January 2007. The question was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by an additional years. Comparative homes in Woodthorpe with an extended lease were in the region of £246,800. The average ground rent payable was £60 collected every twelve months. The lease ran out in 2076. Considering the 50 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £44,700 and £51,600 exclusive of expenses.