As the length of the unexpired term of a Linton residential lease lessens so does its value and therefore the value of your property. If the residual term has, in excess of 100 years remaining then this decrease may be fractional that being said there will become a stage when a lease has less than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary reason why you should consider extending without delay. The majority of flat owners in Linton will meet the qualifying criteria; that being said a lawyer will be able to confirm whether you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
It is conventional wisdom that a property with over 100 years unexpired lease term 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 many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Coventry Building Society | |
| Nationwide Building Society | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Retaining our service will provide you enhanced control over the value of your Linton 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.
Finley was the the leasehold proprietor of a 2 bedroom apartment in Linton on the market with a lease of a few days over 72 years remaining. Finley on an informal basis approached his landlord being a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent at the outset set at £150 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Finley to exercise his statutory right. Finley obtained expert advice and secured an acceptable resolution informally and ending up with a market value flat.
Mr and Mrs. D Fournier moved into a first floor flat in Linton in September 1999. We are asked if we could shed any light on how much (approximately) premium would be for a ninety year extension to my lease. Comparative flats in Linton with an extended lease were valued about £290,000. The mid-range ground rent payable was £45 billed yearly. The lease terminated in 2098. Taking into account 72 years outstanding we approximated the premium to the freeholder to extend the lease to be within £11,400 and £13,200 exclusive of expenses.
Dr Rosie Dupont owned a one bedroom apartment in Linton in October 2010. The question was if we could approximate the premium could be to extend the lease by 90 years. Comparable homes in Linton with a long lease were in the region of £233,200. The average ground rent payable was £60 invoiced monthly. The lease ended on 14 March 2087. Given that there were 61 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £22,800 and £26,400 plus expenses.