As the the remaining lease term of a Aston Clinton domestic lease decreases so does its value and therefore the value of your property. If the lease has, in excess of 125 years remaining then this decrease may be negligible however there will become a point in time when a lease has less than 80 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 logic behind why you should extend the lease sooner rather than later. Many flat owners in Aston Clinton will meet the qualifying criteria; however a lawyer should be able to advise whether you qualify for a lease extension. 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.
It is generally accepted that a property with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Aston Clinton can be a difficult process. We recommend you obtain guidance 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 in-depth market knowledge procuring Aston Clinton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Dexter was the the leasehold owner of a high value flat in Aston Clinton being sold with a lease of a little over 59 years left. Dexter on an informal basis spoke with his freeholder a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £100 per annum. No ground rent would be payable on a lease extension were Dexter to invoke his statutory right. Dexter procured expert legal guidance and was able to make an informed judgement and deal with the matter and sell the flat.
In 2012 we were e-mailed by Mr and Mrs. T Martinez who, having took over the lease of a studio apartment in Aston Clinton in February 1997. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Similar premises in Aston Clinton with 100 year plus lease were worth £246,800. The average amount of ground rent was £60 invoiced monthly. The lease concluded on 15 June 2075. Having 50 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £44,700 and £51,600 exclusive of professional charges.
Mrs B Patel completed a studio flat in Aston Clinton in November 1997. The question was if we could estimate the price would likely be for a ninety year extension to my lease. Comparable premises in Aston Clinton with a long lease were valued about £208,200. The mid-range amount of ground rent was £65 invoiced yearly. The lease terminated on 19 February 2086. Taking into account 61 years left we approximated the compensation to the freeholder for the lease extension to be within £20,000 and £23,000 plus professional charges.