It’s an underpublicised certainty that a Leven residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Leven property prices.Where your lease has approximately ninety years left, you should start considering a lease extension. If the number of years remaining slips under eighty years, you will then be required to pay 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 extra value that a lease extension will add the property Most leasehold owners in Leven will be able to extend under the legislation; however a lawyer will be able to clarify whether you are eligibility. In some cases you may not qualify. There are also strict deadlines and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancer for the duration of the formalities.
Leasehold properties in Leven with more than one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Santander | |
| Royal Bank of Scotland |
Lease extensions in Leven can be a difficult process. We recommend you secure professional help from a conveyancer and valuer with experience in lease extensions.
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 Leven lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to unsuccessful correspondence with the landlord of her two bedroom flat in Leven, Alice started the lease extension process as the eighty year deadline was fast approaching. The lease extension completed in November 2008. The freeholder’s fees were negotiated to slightly above four hundred pounds.
Mrs Jade Jackson took over the lease of a garden apartment in Leven in October 2010. The question was if we could estimate the premium would likely be to extend the lease by an additional years. Comparable flats in Leven with a long lease were worth £220,400. The average amount of ground rent was £45 invoiced monthly. The lease concluded in 2090. Having 64 years remaining we calculated the compensation to the freeholder for the lease extension to be between £15,200 and £17,600 plus legals.
Last month we were contacted by Dr Jonathan Jackson , who was assigned a lease of a ground floor flat in Leven in June 1995. We are asked if we could estimate the premium could be to prolong the lease by ninety years. Comparable homes in Leven with a long lease were valued about £270,000. The average ground rent payable was £55 invoiced monthly. The lease elapsed in 2101. Having 75 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of legals.