Portslade leases on residential deteriorating in value. if your lease has approximately 90 years remaining, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease dips below this level then you begin paying an additional element called marriage value. Flat owners in Portslade will usually be legally entitled to a lease extension; however a solicitor will check if you qualify. In certain situations you may not qualify. There are prescribed deadlines and formalities to comply with once the process has started so it’s sensible to be guided by a conveyancer during the process.
Leasehold properties in Portslade with over one hundred years left 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 situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| Virgin |
Lease extensions in Portslade can be a difficult process. We recommend you get professional help from a lawyer 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 a wealth of experience dealing with Portslade lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
16 months ago Rory, came dangerously close to the eighty-year threshold with the lease on his purpose- built flat in Portslade. In buying his property 19 years previously, the length of the lease was of no bearing. Fortunately, he recognised he would imminently be paying an escalated premium for a lease extension. Rory was able to extend his lease at the eleventh hour last June. Rory and the landlord who owned the flat above eventually settled on a premium of £5,000 . If the lease had dropped lower than eighty years, the figure would have become more exhorbitant by a minimum £1,050.
Last Winter we were approach by Dr W Allen , who acquired a first floor flat in Portslade in November 2002. We are asked if we could approximate the premium could be to prolong the lease by 90 years. Comparable homes in Portslade with an extended lease were valued around £216,000. The mid-range amount of ground rent was £60 collected annually. The lease ran out in 2084. Having 58 years outstanding we calculated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 plus expenses.
Mr and Mrs. O Taylor owned a ground floor flat in Portslade in February 2000. We are asked if we could shed any light on how much (approximately) price could be to prolong the lease by ninety years. Similar flats in Portslade with a long lease were worth £200,000. The average amount of ground rent was £50 invoiced every twelve months. The lease lapsed in 2104. Considering the 78 years outstanding we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of costs.