It’s an underpublicised certainty that a Grange Park residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the loss of value being disguised by increases in the Grange Park property market.Where your lease has approximately ninety years left, you should start considering a lease extension. If lease term dips below eighty years, you will end up paying 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property The majority of leasehold owners in Grange Park will be able to extend under the legislation; however a lawyer will be able to clarify whether you are eligibility. In some situations you may not be entitled. There are also strict timetables and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancing solicitor for the duration of the process.
Leasehold residencies in Grange Park with in excess of 100 years unexpired 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 property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Halifax | |
| Leeds Building Society | |
| Virgin | |
| Yorkshire Building Society |
Retaining our service will provide you increased control over the value of your Grange Park leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of protracted discussions with the landlord of her studio flat in Grange Park, Stephanie commenced the lease extension process just as the lease was approaching the crucial eighty-year deadline. The legal work was concluded in February 2015. The landlord’s costs were negotiated to under 650 pounds.
Last April we were approach by Mrs J Lefèvre , who acquired a newly refurbished apartment in Grange Park in October 1996. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Comparative premises in Grange Park with an extended lease were worth £168,800. The average amount of ground rent was £60 invoiced yearly. The lease ran out in 2081. Taking into account 55 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 plus fees.
An example of a Lease Extension matter before the tribunal for a Grange Park premises is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case affected 1 flat. The remaining number of years on the lease was 81.79 years.