The nearer a domestic lease in Thornton Heath nears to zero years unexpired, the more it reduces the value of the property. Where the lease has, beyond 99 years remaining then this decrease may be negligible that being said there will become a stage when a lease has less than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should extend the lease sooner than later. Many flat owners in Thornton Heath will meet the qualifying criteria; that being said a lawyer can confirm whether you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.
Leasehold premises in Thornton Heath with over 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Leeds Building Society | |
| Nationwide Building Society | |
| Royal Bank of Scotland | |
| Virgin | |
| Yorkshire Building Society |
Lease extensions in Thornton Heath can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer with experience in this area.
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 Thornton Heath lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
John was the the leasehold proprietor of a high value flat in Thornton Heath on the market with a lease of fraction over 72 years unexpired. John on an informal basis spoke with his freeholder a well known London-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £50 per annum. Ordinarily, ground rent would not be payable on a lease extension were John to exercise his statutory right. John procured expert advice and was able to make a more informed judgement and deal with the matter and sell the flat.
In 2011 we were approached by Mr W David who, having acquired a studio apartment in Thornton Heath in March 2010. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Similar homes in Thornton Heath with a long lease were in the region of £225,800. The average ground rent payable was £60 invoiced per annum. The lease came to a finish in 2086. Having 60 years remaining we calculated the premium to the landlord for the lease extension to be between £23,800 and £27,400 not including costs.
An example of a Lease Extension case for a Thornton Heath premises is Ground Floor Flat 14 Lodge Road in October 2013. the tribunal held that the price payable for the acquisition of the extended lease of the property should be £12,590 .00 This case affected 1 flat. The unexpired term was 69.46 years.