There is no doubt about it a leasehold property in Little Burstead is a wasting asset as a result of the diminishing lease term. If the residual term has, beyond 99 years remaining then this decrease may be negligible nevertheless there will become a stage when a lease has less than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary rational as to why you should consider extending sooner than later. The majority of flat owners in Little Burstead will qualify for this right; however a lawyer should be able to advise if you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold properties in Little Burstead with more than one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Godiva Mortgages | |
| Santander | |
| The Mortgage Works | |
| Virgin |
Lease extensions in Little Burstead can be a difficult process. We recommend you secure guidance from a conveyancer 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 dealing with Little Burstead lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Finley, came dangerously near to the eighty-year mark with the lease on his one bedroom flat in Little Burstead. In buying his flat twenty years ago, the lease term was of little significance. Thankfully, he noticed he would imminently be paying way over the odds for Extending the lease. Finley arranged for a lease extension at the eleventh hour last August. Finley and the freeholder ultimately settled on an amount of £6,000 . If the lease had slipped below eighty years, the sum would have escalated by a minimum £975.
In 2013 we were e-mailed by Mr and Mrs. P Sharif who, having took over the lease of a basement flat in Little Burstead in August 2008. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Similar homes in Little Burstead with an extended lease were in the region of £275,000. The mid-range amount of ground rent was £45 billed every twelve months. The lease terminated in 2095. Given that there were 69 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of expenses.
In 2014 we were called by Dr U Petit who, having owned a ground floor flat in Little Burstead in January 2004. The dilemma was if we could approximate the price could be for a 90 year extension to my lease. Comparable premises in Little Burstead with 100 year plus lease were in the region of £216,000. The mid-range ground rent payable was £60 collected monthly. The lease came to a finish on 6 June 2084. Having 58 years unexpired we calculated the premium to the landlord for the lease extension to be between £28,500 and £33,000 not including expenses.