With a residential leasehold premises in Coleford, you are actually purchasing a right to live in a property for a prescribed time frame. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long 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 gets disproportionately more expensive notably once there are fewer than 80 years left. Leasehold owners in Coleford with a lease nearing 81 years unexpired should seriously consider extending it sooner as opposed to later. When the lease term has under eighty years remaining, under the current statute the freeholder is entitled to calculate and levy a larger amount, based on a technical multiplication, strangely termed as “marriage value” which is due.
Leasehold premises in Coleford with over 100 years remaining 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 buying the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Santander | |
| TSB | |
| Royal Bank of Scotland | |
| Virgin |
Lease extensions in Coleford can be a difficult process. We recommend you get guidance 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 Coleford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of unsuccessful discussions with the freeholder of her purpose-built apartment in Coleford, Natasha commenced the lease extension process as the eighty year threshold was swiftly approaching. The legal work completed in July 2007. The landlord’s costs were restricted to under 450 pounds.
In 2012 we were called by Dr Cameron Pérez who, having acquired a garden apartment in Coleford in April 2007. The dilemma was if we could estimate the price would be for a ninety year lease extension. Comparative premises in Coleford with an extended lease were worth £280,000. The average ground rent payable was £45 invoiced quarterly. The lease concluded in 2096. Given that there were 70 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 plus professional charges.
In 2012 we were approached by Mr and Mrs. K Fournier who, having moved into a newly refurbished flat in Coleford in August 2007. We are asked if we could estimate the premium would likely be to extend the lease by ninety years. Similar flats in Coleford with 100 year plus lease were valued around £223,400. The mid-range amount of ground rent was £60 billed quarterly. The lease ran out on 16 September 2085. Given that there were 59 years unexpired we calculated the compensation to the landlord to extend the lease to be between £27,600 and £31,800 not including professional charges.