The nearer a domestic lease in Portslade gets to zero years unexpired, the more it reduces the value of the property. Where the residual term has, more than 125 years to run then this decrease may be negligible that being said there will become a point in time when a lease has under than eighty 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 main logic behind why you should extend the lease sooner as opposed to later. Many flat owners in Portslade will qualify for this right; that being said a conveyancing solicitor will be able to advise whether you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
Leasehold properties in Portslade with over one hundred years outstanding on the lease are sometimes 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 to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Chelsea Building Society | |
| TSB | |
| Virgin |
Irrespective of whether you are a tenant or a landlord in Portslade,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 experience and the close ties they enjoy with Portslade valuers.
Ali owned a 2 bedroom apartment in Portslade on the market with a lease of fraction over 72 years outstanding. Ali on an informal basis approached his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Ali to exercise his statutory right. Ali procured expert legal guidance and secured an acceptable resolution without resorting to tribunal and sell the property.
Dr N Sharif completed a first floor flat in Portslade in November 2004. We are asked if we could estimate the price would likely be for a 90 year extension to my lease. Identical homes in Portslade with an extended lease were worth £240,600. The average ground rent payable was £60 billed monthly. The lease termination date was in 2088. Given that there were 62 years left we calculated the premium to the freeholder for the lease extension to be within £21,900 and £25,200 exclusive of fees.
Last month we were phoned by Mr and Mrs. R Bernard , who owned a studio flat in Portslade in April 2005. We are asked if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Identical premises in Portslade with a long lease were in the region of £174,200. The mid-range ground rent payable was £55 collected per annum. The lease expired in 2077. Given that there were 51 years left we calculated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 exclusive of expenses.