The nearer a residential lease in Little Burstead nears to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, more than 99 years remaining then this decrease may be fractional nevertheless there will become a point in time when a lease has fewer than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should consider extending sooner rather than later. The majority of flat owners in Little Burstead will meet the qualifying criteria; however a conveyancing solicitor should be able to confirm whether you qualify for a lease extension. 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 residencies in Little Burstead with over one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| Skipton Building Society | |
| TSB | |
| Virgin | |
| Yorkshire Building Society |
The lawyers that we work with undertake Little Burstead lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
Tyler owned a studio flat in Little Burstead being sold with a lease of a few days over fifty eight years remaining. Tyler on an informal basis approached 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 subject to a new rent to start with set at £150 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Tyler to exercise his statutory right. Tyler procured expert advice and was able to make a more informed decision and handle with the matter and sell the flat.
Last year we were phoned by Dr Mollie Robinson , who owned a studio apartment in Little Burstead in April 2005. The question was if we could approximate the premium would be to extend the lease by an additional years. Comparative premises in Little Burstead with a long lease were in the region of £200,000. The average ground rent payable was £50 billed annually. The lease lapsed in 2103. Taking into account 77 years left we calculated the premium to the landlord to extend the lease to be between £8,600 and £9,800 not including legals.
In 2011 we were e-mailed by Mr Dexter Rogers who, having purchased a one bedroom flat in Little Burstead in January 1996. We are asked if we could shed any light on how much (approximately) price would likely be to prolong the lease by 90 years. Identical homes in Little Burstead with 100 year plus lease were worth £260,200. The average amount of ground rent was £65 billed quarterly. The lease ran out on 4 April 2092. Given that there were 66 years remaining we estimated the compensation to the landlord for the lease extension to be between £16,200 and £18,600 not including fees.