With a long leasehold premises in Wickford, you are actually purchasing a right to reside in a property for a set period of time. These days flat leases are usually granted 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. The general rule is that the shorter the number of years is the cost of extending the lease gets disproportionately more expensive particularly when there are less than 80 years left. Anyone in Wickford with a lease approaching 81 years remaining should seriously consider extending it without delay. When a lease has below 80 years remaining, under the current statute the landlord is entitled to calculate and charge a larger amount, based on a technical computation, strangely termed as “marriage value” which is payable.
Leasehold properties in Wickford with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Chelsea Building Society | |
| Skipton Building Society | |
| TSB |
Regardless of whether you are a tenant or a landlord in Wickford,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Wickford valuers.
In recent months Lewis, started to get close to the 80-year mark with the lease on his purpose- built apartment in Wickford. Having purchased his property 19 years previously, the unexpired term was of minimal interest. As luck would have it, he became aware that he needed to take action soon on Extending the lease. Lewis extended the lease just ahead of time last June. Lewis and the freeholder in the end agreed on an amount of £5,500 . If he not met the deadline, the price would have become more costly by at least £1,075.
Mrs Morgan Wilson was assigned a lease of a garden apartment in Wickford in October 2010. The dilemma was if we could approximate the premium would be to prolong the lease by a further 90 years. Comparable premises in Wickford with 100 year plus lease were worth £200,000. The mid-range ground rent payable was £50 billed annually. The lease lapsed on 15 April 2104. Given that there were 78 years outstanding we estimated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 not including expenses.
Mr H Lefebvre acquired a one bedroom apartment in Wickford in July 2012. The dilemma was if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable flats in Wickford with 100 year plus lease were valued about £267,600. The mid-range ground rent payable was £65 collected annually. The lease lapsed in 2093. Considering the 67 years outstanding we calculated the compensation to the landlord to extend the lease to be between £14,300 and £16,400 not including costs.