Cranfield leases on domestic properties are gradually losing value. if your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease drops below this level then you start paying an additional element called marriage value. Flat owners in Cranfield will usually be legally entitled to a lease extension; however a solicitor will check your eligibility. In some situations you may not qualify. There are prescribed timetables and formalities to follow once the process has started so it’s prudent to be guided by a conveyancing solicitor during the process.
It is generally accepted that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Birmingham Midshires | |
| Coventry Building Society | |
| Yorkshire Building Society |
Lease extensions in Cranfield 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 a wealth of experience dealing with Cranfield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In recent months Harvey, came dangerously near to the 80-year mark with the lease on his garden flat in Cranfield. Having purchased his property two decades ago, the lease term was of minimal concern. As luck would have it, it dawned on him that he would imminently be paying way over the odds for a lease extension. Harvey was able to extend his lease just in the nick of time last January. Harvey and the freeholder via the managing agents ultimately agreed on the final figure of £6,000 . If he had missed the deadline, the amount would have escalated by at least £1,125.
Last Autumn we were phoned by Dr Cameron Sánchez , who purchased a garden flat in Cranfield in February 1995. The dilemma was if we could estimate the price could be to prolong the lease by an additional years. Comparable flats in Cranfield with a long lease were in the region of £265,000. The average ground rent payable was £50 billed annually. The lease ended in 2100. Having 74 years as a residual term we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus professional charges.
Last Christmas we were e-mailed by Mr and Mrs. C Ward , who was assigned a lease of a basement flat in Cranfield in October 1995. We are asked if we could estimate the price could be to extend the lease by 90 years. Comparative properties in Cranfield with a long lease were worth £166,400. The mid-range amount of ground rent was £60 invoiced per annum. The lease ended on 10 April 2080. Given that there were 54 years outstanding we approximated the compensation to the landlord to extend the lease to be between £32,300 and £37,400 plus expenses.