Lisson Grove leases on domestic properties are gradually losing value. Where your lease has in the region of 90 years remaining, you should start thinking about a lease extension. If lease term is under eighty years, you will then be required to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Lisson Grove will usually qualify for a lease extension; however it’s a good idea to check with a lawyer to check if you qualify. In certain circumstances you may not qualify. There are also strict deadlines and procedures to comply with once the process is triggered so it’s sensible to be guided by a conveyancer during the process.
It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Nationwide Building Society |
Lease extensions in Lisson Grove can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor 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 Lisson Grove lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Freddie was the the leasehold owner of a high value flat in Lisson Grove on the market with a lease of just over 72 years outstanding. Freddie informally spoke with his freeholder being a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Freddie to invoke his statutory right. Freddie procured expert advice and secured an acceptable deal informally and ending up with a market value flat.
In 2012 we were approached by Mr and Mrs. H Díaz who, having moved into a purpose-built apartment in Lisson Grove in November 1998. We are asked if we could approximate the price could be for a 90 year extension to my lease. Comparative flats in Lisson Grove with an extended lease were worth £201,200. The mid-range amount of ground rent was £55 collected per annum. The lease expired in 2082. Considering the 56 years left we approximated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 exclusive of fees.
An example of a Lease Extension matter before the tribunal for a Lisson Grove premises is Flats 37 & 39 88/90 Portland Place in December 2010. The Tribunal determined that the premium payable for the lease extensions in respect of these two flats is as follows:- For Flat 37, the sum of £385,230.00 For Flat 39, the sum of £436,780.00 This case affected 2 flats. The unexpired term was 24.02 years.