With a domestic leasehold property in Shillington, you are actually purchasing a right to live in a property for a set period of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you should consider a lease extension sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive particularly when there are less than 80 years left. Anyone in Shillington with a lease nearing 81 years unexpired should seriously consider extending it sooner rather than later. Once the lease term has less than eighty years outstanding, under the current Act the landlord is entitled to calculate and charge a larger premium, based on a technical multiplication, known as “marriage value” which is due.
It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Halifax | |
| Nationwide Building Society | |
| Santander | |
| Skipton Building Society | |
| TSB |
Engaging our service gives you increased control over the value of your Shillington leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Subsequent to unsuccessful negotiations with the landlord of her one bedroom flat in Shillington, Tia commenced the lease extension process just as her lease was nearing the crucial 80-year deadline. The transaction was finalised in February 2007. The landlord’s charges were kept to an absolute minimum.
Last Christmas we were phoned by Dr U Gunderson , who took over the lease of a first floor flat in Shillington in July 2000. We are asked if we could estimate the price could be to prolong the lease by 90 years. Similar homes in Shillington with 100 year plus lease were valued about £257,800. The average amount of ground rent was £65 collected every twelve months. The lease elapsed in 2091. Having 65 years as a residual term we approximated the premium to the landlord for the lease extension to be within £18,100 and £20,800 exclusive of costs.
Last Summer we were called by Dr L Rose , who was assigned a lease of a recently refurbished apartment in Shillington in September 2000. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparative homes in Shillington with a long lease were worth £196,400. The average amount of ground rent was £55 invoiced yearly. The lease came to a finish in 2080. Considering the 54 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £35,200 and £40,600 not including legals.