When it comes to long leasehold premises in Manor Park, you are actually buying a right to live in a property for a set period of time. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you may consider 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 greater especially when there are fewer than 80 years left. Residents in Manor Park with a lease nearing 81 years left should seriously think of extending it as soon as possible. Once the lease term has below 80 years remaining, under the current Act the landlord is entitled to calculate and charge a larger amount, based on a technical multiplication, strangely termed as “marriage value” which is payable.
It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Godiva Mortgages | |
| Santander | |
| The Mortgage Works | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a landlord in Manor Park,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 Manor Park valuers.
George was the the leasehold owner of a 2 bedroom flat in Manor Park on the market with a lease of just over fifty eight years unexpired. George on an informal basis approached his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were George to exercise his statutory right. George procured expert legal guidance and was able to make a more informed judgement and deal with the matter and sell the flat.
Last February we were e-mailed by Mr and Mrs. I Brown , who bought a garden flat in Manor Park in September 2007. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by a further 90 years. Comparable residencies in Manor Park with a long lease were worth £264,000. The average ground rent payable was £60 invoiced per annum. The lease ended in 2079. Taking into account 53 years left we calculated the compensation to the landlord to extend the lease to be between £37,100 and £42,800 plus fees.
An example of a Lease Extension matter before the tribunal for a Manor Park premises is 240 Strone Road in January 2014. the tribunal held that the price to be paid for the freehold interest was£23,538 of which£13,017 is attributable to the ground floor flat and £10,521 to the first floor flat. This case was in relation to 2 flats. The unexpired term as at the valuation date was 65.5 years.