There is no doubt about it a leasehold flat or house in Grange Park is a wasting asset as a result of the shortening lease. Where the lease has, over 125 years to run then this decrease may be of little impact nevertheless there will become a point in time when a lease has fewer than 80 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 sooner as opposed to later. Many flat owners in Grange Park will meet the qualifying criteria; nevertheless a conveyancer can confirm whether you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.
It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Barnsley Building Society | |
| Coventry Building Society | |
| Santander |
The conveyancing solicitors that we work with handle Grange Park lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
Subsequent to lengthy discussions with the landlord of her studio apartment in Grange Park, Zoe commenced the lease extension process as the 80 year mark was swiftly advancing. The transaction was concluded in November 2011. The landlord’s costs were restricted to slightly above six hundred GBP.
Last Autumn we were contacted by Dr O Thomas , who bought a basement apartment in Grange Park in April 1998. We are asked if we could estimate the premium would likely be for a ninety year extension to my lease. Similar properties in Grange Park with a long lease were in the region of £280,000. The mid-range ground rent payable was £55 invoiced every twelve months. The lease came to a finish on 24 February 2104. Given that there were 78 years remaining we calculated the premium to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of fees.
An example of a Lease Extension case for a Grange Park property 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 related to 1 flat. The unexpired residue of the current lease was 81.79 years.