Easthampstead leases on residential properties are gradually losing value. Where your lease has in the region of ninety years remaining, you should start considering the need for a lease extension. If lease term falls under 80 years, you will then have to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Easthampstead will mostly be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to check your eligibility. In some circumstances you may not qualify. There are also strict timetables and procedures to comply with once the process has started so it’s sensible to be guided by a lawyer during the process.
It is generally accepted that a property with over 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Santander |
Lease extensions in Easthampstead can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor with experience in lease extensions.
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 Easthampstead 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 unsuccessful negotiations with the freeholder of her basement flat in Easthampstead, Catherine started the lease extension process as the 80 year threshold was fast coming. The transaction was concluded in November 2007. The freeholder’s fees were restricted to approximately 500 GBP.
Mr Aarav Peterson took over the lease of a purpose-built flat in Easthampstead in July 2012. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Comparative properties in Easthampstead with 100 year plus lease were worth £267,600. The mid-range amount of ground rent was £65 collected annually. The lease came to a finish in 2093. Considering the 67 years as a residual term we approximated the premium to the landlord to extend the lease to be within £14,300 and £16,400 not including expenses.
Mr and Mrs. E Norbert bought a garden flat in Easthampstead in August 2006. The question was if we could shed any light on how much (roughly) premium would be to prolong the lease by an additional years. Identical flats in Easthampstead with an extended lease were in the region of £206,200. The average amount of ground rent was £60 collected yearly. The lease ran out in 2082. Given that there were 56 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 plus expenses.