There is no doubt about it a leasehold property in Temple Fortune is a wasting asset as a result of the diminishing lease term. Where the residual term has, over 100 years remaining then this decrease may be negligible nevertheless there will become a stage when a lease has fewer than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary logic behind why you should consider extending sooner as opposed to later. Most flat owners in Temple Fortune will qualify for this right; nevertheless a conveyancer will be able to confirm whether you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a freeholder in Temple Fortune,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Temple Fortune valuers.
Jackson was the the leasehold owner of a 2 bedroom flat in Temple Fortune on the market with a lease of just over 59 years left. Jackson on an informal basis spoke with his landlord a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £50 yearly. No ground rent would be due on a lease extension were Jackson to invoke his statutory right. Jackson procured expert advice and was able to make an informed decision and handle with the matter and ending up with a market value flat.
Last Winter we were approach by Mr and Mrs. T White , who was assigned a lease of a garden flat in Temple Fortune in May 2006. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by 90 years. Similar premises in Temple Fortune with a long lease were worth £225,800. The mid-range ground rent payable was £60 invoiced annually. The lease ran out on 24 April 2086. Taking into account 60 years unexpired we calculated the compensation to the landlord for the lease extension to be between £24,700 and £28,600 not including expenses.
An example of a Lease Extension matter before the tribunal for a Temple Fortune residence is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case affected 1 flat. The unexpired residue of the current lease was 76 years.