As the length of the unexpired term of a Flitwick domestic lease decreases so does its value and therefore the value of your property. Where the residual term has, more than 100 years remaining then this decrease may be negligible that being said there will become a stage when a lease has under than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary rational as to why you should extend the lease without delay. The majority of flat owners in Flitwick will meet the qualifying criteria; nevertheless a conveyancer will be able to confirm if you are eligible 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 Flitwick with in excess of one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Godiva Mortgages | |
| Halifax | |
| Nationwide Building Society | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a freeholder in Flitwick,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Flitwick valuers.
Two years ago Owen, came perilously close to the eighty-year threshold with the lease on his one bedroom apartment in Flitwick. Having purchased his flat two decades ago, the length of the lease was of no concern. Luckily, he became aware that he needed to take action soon on Extending the lease. Owen arranged for a lease extension just under the wire last April. Owen and the landlord who owned the flat above in the end settled on a premium of £5,000 . If he failed to meet the deadline, the amount would have escalated by a minimum £1,025.
Mr Sam Lewis completed a basement flat in Flitwick in February 2012. The dilemma was if we could estimate the price would be for a ninety year extension to my lease. Comparable premises in Flitwick with 100 year plus lease were in the region of £250,400. The mid-range ground rent payable was £65 billed every twelve months. The lease expiry date was in 2090. Considering the 64 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £19,000 and £22,000 exclusive of expenses.
Last May we were e-mailed by Ms M Torres , who purchased a recently refurbished flat in Flitwick in November 1996. The dilemma was if we could estimate the price could be for a ninety year lease extension. Comparative premises in Flitwick with 100 year plus lease were worth £189,000. The average ground rent payable was £55 invoiced monthly. The lease ran out on 27 April 2079. Having 53 years as a residual term we approximated the premium to the landlord for the lease extension to be within £28,500 and £33,000 exclusive of costs.