With a residential leasehold premises in Temple Fortune, you effectively rent it for a certain period of time. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may think about a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease becomes disproportionately more expensive particularly once there are less than eighty years left. Residents in Temple Fortune with a lease approaching 81 years remaining should seriously consider extending it sooner than later. Once a lease has below 80 years outstanding, under the current legislation the freeholder can calculate and charge a larger premium, assessed on a technical calculation, known as “marriage value” which is due.
It is generally accepted that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Yorkshire Building Society |
Lease extensions in Temple Fortune can be a difficult process. We recommend you secure professional help from a conveyancing solicitor 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 Temple Fortune lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Hunter owned a conversion apartment in Temple Fortune on the market with a lease of just over 72 years outstanding. Hunter informally spoke with his freeholder a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent initially set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Hunter to exercise his statutory right. Hunter procured expert legal guidance and secured an acceptable resolution informally and readily saleable.
Last Winter we were approach by Mr and Mrs. H Morgan , who acquired a newly refurbished apartment in Temple Fortune in November 1996. We are asked if we could estimate the price could be to prolong the lease by 90 years. Identical properties in Temple Fortune with a long lease were in the region of £181,600. The mid-range ground rent payable was £55 collected annually. The lease elapsed in 2078. Having 52 years outstanding we estimated the compensation to the landlord to extend the lease to be within £30,400 and £35,200 plus expenses.
An example of a Lease Extension matter before the tribunal for a Temple Fortune flat 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 related to 1 flat. The unexpired term was 76 years.