There is no doubt about it a leasehold flat or house in Chelmsley Wood is a wasting asset as a result of the shortening lease. If the lease has, more than 125 years to run then this decrease may be negligible however there will become a stage when a lease has less than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main rational as to why you should extend the lease without delay. Most flat owners in Chelmsley Wood will meet the qualifying criteria; however a conveyancing solicitor can advise if you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold residencies in Chelmsley Wood with in excess of one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Leeds Building Society | |
| TSB | |
| The Mortgage Works | |
| Virgin |
Engaging our service gives you increased control over the value of your Chelmsley Wood leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Harry owned a high value apartment in Chelmsley Wood on the market with a lease of just over fifty eight years remaining. Harry on an informal basis spoke with his landlord being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £100 yearly. No ground rent would be payable on a lease extension were Harry to invoke his statutory right. Harry obtained expert legal guidance and secured satisfactory deal without going to tribunal and sell the flat.
Mr and Mrs. S González purchased a one bedroom apartment in Chelmsley Wood in June 2011. The dilemma was if we could approximate the premium would be for a 90 year lease extension. Comparative residencies in Chelmsley Wood with an extended lease were valued around £176,200. The average ground rent payable was £65 collected every twelve months. The lease termination date was in 2082. Considering the 56 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £29,500 and £34,000 exclusive of fees.
Last Christmas we were contacted by Mr and Mrs. M Allen , who completed a garden flat in Chelmsley Wood in August 2005. We are asked if we could estimate the premium would be to extend the lease by a further 90 years. Comparative residencies in Chelmsley Wood with 100 year plus lease were in the region of £242,600. The mid-range amount of ground rent was £45 billed quarterly. The lease terminated in 2093. Having 67 years remaining we estimated the compensation to the freeholder to extend the lease to be within £11,400 and £13,200 not including expenses.