There is no doubt about it a leasehold property in Exminster is a wasting asset as a result of the diminishing lease term. Where the residual term has, in excess of 100 years remaining then this decrease may be negligible nevertheless there will become a stage when a lease has under than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main logic behind why you should consider extending without delay. Many flat owners in Exminster will meet the qualifying criteria; however a conveyancing solicitor should be able to advise whether you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold properties in Exminster with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| Halifax | |
| Leeds Building Society | |
| TSB | |
| Royal Bank of Scotland |
Lease extensions in Exminster can be a difficult process. We recommend you procure 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 Exminster lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of eight months of protracted correspondence with the freeholder of her basement flat in Exminster, Bethan commenced the lease extension process as the eighty year threshold was fast coming. The lease extension completed in May 2006. The freeholder’s charges were restricted to less than 600 pounds.
Mr M Patel took over the lease of a garden apartment in Exminster in July 2004. We are asked if we could estimate the price could be for a ninety year lease extension. Comparable premises in Exminster with 100 year plus lease were worth £200,800. The mid-range ground rent payable was £65 collected monthly. The lease terminated on 23 August 2086. Taking into account 60 years outstanding we estimated the compensation to the landlord to extend the lease to be within £20,900 and £24,200 not including expenses.
Mr V Watson purchased a one bedroom flat in Exminster in February 1995. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by 90 years. Comparative properties in Exminster with a long lease were worth £255,000. The average amount of ground rent was £50 billed monthly. The lease concluded in 2097. Having 71 years unexpired we calculated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of fees.