There is no doubt about it a leasehold property in Clophill is a wasting asset as a result of the shortening lease. Where the residual term has, in excess of 100 years remaining then this decrease may be negligible however there will become a stage when a lease has under than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should consider extending sooner rather than later. Many flat owners in Clophill will qualify for this right; nevertheless a conveyancer can advise whether you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold properties in Clophill with in excess of 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Santander | |
| Skipton Building Society |
Lease extensions in Clophill can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor 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 a wealth of experience dealing with Clophill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of protracted discussions with the freeholder of her one bedroom apartment in Clophill, Kate started the lease extension process as the 80 year threshold was rapidly coming. The lease extension was concluded in August 2009. The landlord’s fees were kept to an absolute minimum.
Mr and Mrs. F Bailey completed a first floor flat in Clophill in August 2011. The dilemma was if we could shed any light on how much (roughly) price would be to prolong the lease by ninety years. Identical properties in Clophill with 100 year plus lease were worth £254,200. The mid-range amount of ground rent was £60 invoiced yearly. The lease expired on 12 July 2077. Considering the 51 years outstanding we approximated the premium to the landlord to extend the lease to be between £43,700 and £50,600 exclusive of expenses.
In 2010 we were called by Mr T Alexander who, having acquired a first floor apartment in Clophill in May 2002. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Comparative residencies in Clophill with a long lease were worth £210,600. The average ground rent payable was £45 invoiced quarterly. The lease lapsed on 2 October 2088. Having 62 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £18,100 and £20,800 plus costs.