Leighton Buzzard residential property held on a long lease is a wasting asset as the leaseholder only owns the property for a period of years.
It is conventional wisdom that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Godiva Mortgages | |
| National Westminster Bank | |
| TSB |
Engaging our service will provide you better control over the value of your Leighton Buzzard leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Two years ago Hugo, started to get close to the 80-year threshold with the lease on his garden flat in Leighton Buzzard. Having bought his home 18 years previously, the length of the lease was of little bearing. Thankfully, he noticed he would soon be paying an inflated amount for Extending the lease. Hugo arranged for a lease extension at the eleventh hour in January. Hugo and the landlord who owned the flat above in the end settled on a premium of £5,000 . If he had missed the deadline, the figure would have gone up by at least £1,075.
In 2014 we were phoned by Mrs O Torres who, having took over the lease of a basement apartment in Leighton Buzzard in March 2007. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Identical flats in Leighton Buzzard with a long lease were in the region of £270,000. The average ground rent payable was £55 collected yearly. The lease termination date was on 7 March 2100. Given that there were 74 years outstanding we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of legals.
In 2011 we were phoned by Mr T Martin who, having was assigned a lease of a one bedroom apartment in Leighton Buzzard in February 1995. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year extension to my lease. Comparable properties in Leighton Buzzard with an extended lease were in the region of £166,400. The average amount of ground rent was £60 collected every twelve months. The lease ended on 19 October 2080. Considering the 54 years as a residual term we calculated the premium to the landlord for the lease extension to be between £32,300 and £37,400 plus expenses.