As the length of the unexpired term of a Campden Hill residential lease decreases so does its value and therefore the value of your property. Where the residual term has, beyond 100 years to run then this decrease may be fractional 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 rational as to why you should extend the lease sooner rather than later. Most flat owners in Campden Hill will meet the qualifying criteria; nevertheless a lawyer should be able to confirm whether you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
It is generally considered that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the premises 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
The conveyancing solicitors that we work with procure Campden Hill lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
George was the the leasehold proprietor of a 2 bedroom apartment in Campden Hill being marketed with a lease of a little over fifty eight years unexpired. George informally contacted 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 yearly. No ground rent would be payable on a lease extension were George to exercise his statutory right. George procured expert advice and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.
In 2013 we were phoned by Dr Ali Evans who, having moved into a first floor flat in Campden Hill in August 2010. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by an additional years. Comparative premises in Campden Hill with 100 year plus lease were worth £181,600. The average ground rent payable was £55 billed quarterly. The lease concluded on 11 February 2077. Considering the 52 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £30,400 and £35,200 not including professional charges.
An example of a Lease Extension case for a Campden Hill residence is 93 Oakwood Court in June 2010. the LVT determined that the premium to be paid for the new lease was £492,083, This case affected 1 flat. The unexpired term as at the valuation date was 37.79 years.