Great Barford residential property owned on a long lease is a wasting asset as the leaseholder only owns the property for a set term.
Leasehold premises in Great Barford with in excess of one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Birmingham Midshires | |
| Leeds Building Society | |
| TSB |
Retaining our service will provide you increased control over the value of your Great Barford leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Eli owned a high value apartment in Great Barford on the market with a lease of just over sixty years remaining. Eli informally contacted his landlord being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Eli to exercise his statutory right. Eli obtained expert legal guidance and was able to make a more informed decision and handle with the matter and readily saleable.
Last Winter we were e-mailed by Mr B Reed , who was assigned a lease of a one bedroom flat in Great Barford in April 2001. The question was if we could estimate the premium could be to prolong the lease by a further 90 years. Identical homes in Great Barford with a long lease were in the region of £265,200. The mid-range amount of ground rent was £65 billed every twelve months. The lease came to a finish on 25 March 2092. Taking into account 66 years outstanding we approximated the compensation to the landlord to extend the lease to be between £15,200 and £17,600 plus expenses.
Ms P James was assigned a lease of a basement apartment in Great Barford in August 2008. The dilemma was if we could estimate the compensation to the landlord could be to extend the lease by an additional years. Comparable flats in Great Barford with an extended lease were in the region of £198,800. The average amount of ground rent was £55 billed every twelve months. The lease finished on 19 November 2081. Having 55 years outstanding we calculated the compensation to the landlord for the lease extension to be within £33,300 and £38,400 plus fees.