Notes:
Current Ground Rent: The annual rent you pay to your landlord. It can be found either on your latest rent demand, or in your lease. While this can sometimes be stated on the same invoice as the service charge, the calculator only requires the ground rent not the service charge amount.
Unexpired term: The number of years left to run on your lease.
Long Lease Value: The value of the new, extended lease (i.e. your current term plus 90 years). It should represent the unimproved value, excluding any value attributable for improvements made by a leaseholder. Essentially this means the property in dated but well-maintained condition, and in its original layout.
Your estimated premium
The premium calculated above gives you the approximate premium payable for a statutory 90-year lease extension based on the provisions contained within the Leasehold Reform Housing and Urban Development Act 1993 (as amended). The calculator assumes the new lease will be granted for a term 90 years, on top of your existing unexpired term, and that it will be granted at a peppercorn (nil) future ground rent.
How we can help you? We can provide bespoke and detailed advice on the following:
- Extending the lease of your flat
- Buying the freehold of your building – Collective Enfranchisement
- Buying the freehold of your house
- Other services (see our homepage)
We will provide a more accurate premium figure based on your specific circumstances including: an assessment, for leasehold reform purposes, of the extended lease value of your property disregarding any improvements (if applicable); regard to the tenure structure; refinement on yields for valuing the ground rent and an assessment of the marriage value payable (if appropriate).
Please do contact one of the team.
Disclaimer
The calculator and commentary above is for general interest only and must not be relied on. It may not be up to date or complete, assumes a simple tenure structure, palatable ground rent without reviews, relates only to certain types of residential property in England and Wales and does not constitute advice. We can help you with specific advice and introduce you to property lawyers who will be able to advise on your qualification criteria to extend your lease, or acquire your freehold.