As the length of the unexpired term of a Crowborough domestic lease lessens so does its value and therefore the value of your property. If the residual term has, over 125 years to run then this decrease may be fractional that being said there will become a point in time when a lease has fewer than 80 years remaining 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 primary rational as to why you should extend the lease without delay. The majority of flat owners in Crowborough will qualify for this right; nevertheless a conveyancing solicitor can confirm whether you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold residencies in Crowborough with more than one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Godiva Mortgages | |
| Halifax | |
| Skipton Building Society | |
| Virgin |
Regardless of whether you are a tenant or a freeholder in Crowborough,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Crowborough valuers.
Trailing protracted negotiations with the freeholder of her one bedroom flat in Crowborough, Bethan started the lease extension process just as the lease was nearing the critical 80-year threshold. The transaction was concluded in June 2015. The landlord’s charges were restricted to under four hundred GBP.
In 2013 we were called by Dr K Flores who, having moved into a basement flat in Crowborough in January 2011. We are asked if we could shed any light on how much (approximately) price would likely be for a 90 year lease extension. Identical premises in Crowborough with an extended lease were in the region of £264,000. The average ground rent payable was £60 collected annually. The lease expiry date was on 6 March 2079. Taking into account 53 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £37,100 and £42,800 plus professional charges.
Dr Alice Moreau purchased a purpose-built apartment in Crowborough in October 2003. The dilemma was if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Identical premises in Crowborough with an extended lease were valued about £225,400. The mid-range amount of ground rent was £45 collected annually. The lease concluded on 11 November 2090. Considering the 64 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £15,200 and £17,600 not including expenses.