The nearer a domestic lease in Easthampstead gets to zero years unexpired, the more it reduces the value of the property. If the lease has, over 125 years remaining then this decrease may be negligible nevertheless there will become a stage when a lease has less than eighty 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 reason why you should consider extending sooner as opposed to later. The majority of flat owners in Easthampstead will meet the qualifying criteria; however a conveyancer will be able to confirm if you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Retaining our service gives you better control over the value of your Easthampstead leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of protracted discussions with the landlord of her purpose-built flat in Easthampstead, Abigail initiated the lease extension process as the 80 year threshold was quickly approaching. The transaction was concluded in September 2010. The landlord’s costs were kept to an absolute minimum.
Ms Chloe Nelson moved into a purpose-built apartment in Easthampstead in March 1998. We are asked if we could approximate the premium would be to extend the lease by a further 90 years. Similar premises in Easthampstead with 100 year plus lease were worth £267,600. The average ground rent payable was £65 invoiced monthly. The lease expiry date was on 17 February 2092. Taking into account 67 years outstanding we approximated the premium to the freeholder to extend the lease to be within £14,300 and £16,400 plus costs.
In 2011 we were contacted by Mr and Mrs. J Lefebvre who, having took over the lease of a studio flat in Easthampstead in March 2003. We are asked if we could approximate the price would likely be for a ninety year lease extension. Comparable premises in Easthampstead with an extended lease were worth £206,200. The mid-range ground rent payable was £55 invoiced monthly. The lease ended in 2081. Given that there were 56 years left we calculated the premium to the freeholder to extend the lease to be within £31,400 and £36,200 exclusive of fees.