When it comes to long leasehold premises in Highcliffe, you are actually buying an entitlement to live in a property for a prescribed time frame. In recent years flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you may think about extending the lease sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly particularly once there are fewer than eighty years remaining. Leasehold owners in Highcliffe with a lease drawing near to 81 years unexpired should seriously think of extending it as soon as possible. Once a lease has fewer than 80 years outstanding, under the relevant legislation the landlord can calculate and demand a larger premium, based on a technical calculation, known as “marriage value” which is due.
It is generally considered that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Halifax | |
| Virgin |
Lease extensions in Highcliffe can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 in-depth market knowledge procuring Highcliffe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following lengthy correspondence with the landlord of her one bedroom apartment in Highcliffe, Phoebe started the lease extension process just as her lease was coming close to the crucial 80-year deadline. The lease extension completed in May 2010. The freeholder’s charges were negotiated to below 500 GBP.
Last Autumn we were e-mailed by Dr Ben Leroy , who bought a basement apartment in Highcliffe in October 2001. The dilemma was if we could approximate the premium would likely be to extend the lease by ninety years. Comparable properties in Highcliffe with 100 year plus lease were in the region of £260,000. The mid-range ground rent payable was £50 billed annually. The lease end date was on 11 March 2097. Taking into account 71 years remaining we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of fees.
In 2013 we were e-mailed by Mr and Mrs. T Mason who, having moved into a garden apartment in Highcliffe in November 1996. We are asked if we could approximate the price would be to prolong the lease by 90 years. Identical properties in Highcliffe with an extended lease were worth £254,200. The average amount of ground rent was £60 invoiced yearly. The lease concluded on 24 April 2077. Considering the 51 years outstanding we approximated the compensation to the landlord to extend the lease to be between £43,700 and £50,600 not including professional charges.