There is no doubt about it a leasehold property in Henbury is a wasting asset as a result of the shortening lease. If the lease has, beyond one hundred years remaining then this decrease may be fractional however there will become a stage when a lease has less than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main logic behind why you should consider extending sooner than later. Most flat owners in Henbury will qualify for this right; nevertheless a conveyancing solicitor can confirm if you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold properties in Henbury with more than one hundred years remaining 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 property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Godiva Mortgages | |
| Halifax | |
| Leeds Building Society | |
| National Westminster Bank |
Engaging our service gives you enhanced control over the value of your Henbury leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Alexander owned a 2 bedroom flat in Henbury on the market with a lease of a little over fifty eight years unexpired. Alexander informally spoke with his freeholder a well known local-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £125 yearly. No ground rent would be payable on a lease extension were Alexander to invoke his statutory right. Alexander procured expert advice and was able to make an informed judgement and deal with the matter and readily saleable.
Mr Oscar Girard took over the lease of a purpose-built apartment in Henbury in August 1999. The question was if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Comparative flats in Henbury with a long lease were worth £181,600. The mid-range ground rent payable was £55 invoiced yearly. The lease ran out on 14 January 2078. Taking into account 52 years as a residual term we calculated the premium to the landlord to extend the lease to be within £30,400 and £35,200 exclusive of expenses.
In 2012 we were e-mailed by Mr David White who, having purchased a studio apartment in Henbury in September 2006. The dilemma was if we could approximate the premium would be to extend the lease by ninety years. Identical properties in Henbury with a long lease were valued about £285,000. The mid-range amount of ground rent was £45 billed monthly. The lease terminated in 2098. Given that there were 72 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of legals.