Linton leases on residential deteriorating in value. if your lease has in the region of ninety years remaining, you should start considering the need for a lease extension. If lease term falls under eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Linton will mostly qualify for a lease extension; however a solicitor will check your eligibility. In some cases you may not qualify. There are prescribed timetables and formalities to comply with once the process has started so it’s prudent to be guided by a lawyer during the process.
It is generally considered that a residential leasehold with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Skipton Building Society | |
| Virgin |
Regardless of whether you are a tenant or a landlord in Linton,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Linton valuers.
During the course of the last few months Lucas, came very near to the 80-year threshold with the lease on his garden apartment in Linton. In buying his property two decades ago, the lease term was of minimal importance. Thankfully, he became aware that he would imminently be paying an escalated premium for a lease extension. Lucas extended the lease just ahead of time in July. Lucas and the freeholder via the management company ultimately agreed on the final figure of £5,000 . If the lease had slipped below 80 years, the figure would have increased by at least £1,075.
In 2012 we were e-mailed by Dr Hunter Hall who, having completed a one bedroom apartment in Linton in March 2002. We are asked if we could approximate the premium would be to prolong the lease by a further 90 years. Comparable flats in Linton with a long lease were valued about £275,000. The average amount of ground rent was £65 billed quarterly. The lease came to a finish in 2094. Having 68 years as a residual term we estimated the premium to the landlord to extend the lease to be between £12,400 and £14,200 not including legals.
Mr Thomas Parker took over the lease of a basement apartment in Linton in October 2005. The question was if we could approximate the price would be for a ninety year lease extension. Identical premises in Linton with 100 year plus lease were valued about £213,600. The average amount of ground rent was £60 invoiced monthly. The lease lapsed on 27 July 2083. Given that there were 57 years outstanding we estimated the premium to the freeholder for the lease extension to be within £30,400 and £35,200 plus professional charges.