When it comes to domestic leasehold premises in Long Eaton, you effectively rent it for a certain period of time. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should think about a lease extension sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease gets disproportionately more expensive especially once there are fewer than 80 years remaining. Leasehold owners in Long Eaton with a lease approaching 81 years left should seriously think of extending it as soon as possible. When the lease term has under eighty years left, under the relevant legislation the landlord is entitled to calculate and demand a greater amount, assessed on a technical computation, known as “marriage value” which is due.
It is generally considered that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| Coventry Building Society | |
| Halifax | |
| Santander |
Irrespective of whether you are a tenant or a landlord in Long Eaton,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Long Eaton valuers.
Two years ago Sam, started to get close to the 80-year mark with the lease on his first floor flat in Long Eaton. In buying his flat 18 years previously, the length of the lease was of no interest. Luckily, it dawned on him that he would soon be paying way over the odds for a lease extension. Sam was able to extend his lease just in the nick of time in January. Sam and the freeholder in the end settled on sum of £5,500 . If he had missed the deadline, the price would have escalated by a minimum £1,125.
Last Summer we were approach by Ms Samantha Ward , who moved into a basement apartment in Long Eaton in October 2012. The question was if we could estimate the premium could be for a 90 year extension to my lease. Similar premises in Long Eaton with 100 year plus lease were valued about £250,400. The mid-range ground rent payable was £65 invoiced quarterly. The lease came to a finish on 26 August 2090. Given that there were 64 years left we approximated the premium to the freeholder for the lease extension to be within £19,000 and £22,000 not including expenses.
Dr Teddy Johnson bought a ground floor flat in Long Eaton in November 2006. The dilemma was if we could approximate the premium would likely be to prolong the lease by ninety years. Similar properties in Long Eaton with a long lease were valued around £184,000. The mid-range amount of ground rent was £55 collected annually. The lease ended on 22 January 2079. Having 53 years remaining we calculated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 exclusive of fees.