Leconfield leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Leconfield enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Leconfield you would be well advised to investigate if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value
Leasehold residencies in Leconfield with over 100 years outstanding 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 buying the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Nationwide Building Society | |
| Santander | |
| TSB | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Lease extensions in Leconfield can be a difficult process. We recommend you procure professional help 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 Leconfield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Leo owned a conversion flat in Leconfield on the market with a lease of fraction over 61 years outstanding. Leo informally approached his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Leo to invoke his statutory right. Leo procured expert legal guidance and secured an acceptable resolution without resorting to tribunal and readily saleable.
Dr N Taylor took over the lease of a recently refurbished flat in Leconfield in March 1998. We are asked if we could estimate the price could be for a ninety year extension to my lease. Similar flats in Leconfield with a long lease were valued around £285,000. The mid-range ground rent payable was £55 billed monthly. The lease lapsed on 19 September 2105. Taking into account 79 years remaining we calculated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 plus legals.
Last year we were phoned by Mr Kian Girard , who owned a first floor flat in Leconfield in April 2001. The dilemma was if we could approximate the premium could be for a ninety year extension to my lease. Similar residencies in Leconfield with an extended lease were valued about £193,400. The mid-range ground rent payable was £65 billed per annum. The lease expiry date was in 2085. Given that there were 59 years remaining we calculated the compensation to the freeholder to extend the lease to be within £21,900 and £25,200 not including fees.