The closer a residential lease in South Woodham Ferrers gets to zero years unexpired, the more it reduces the value of the property. If the lease has, over 99 years remaining then this decrease may be of little impact however there will become a stage when a lease has fewer than eighty years left 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 extend the lease sooner than later. Most flat owners in South Woodham Ferrers will qualify for this right; however a conveyancer should be able to confirm whether you qualify for a lease extension. 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 generally accepted that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| Godiva Mortgages | |
| Halifax | |
| Leeds Building Society |
Retaining our service will provide you increased control over the value of your South Woodham Ferrers leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
During the course of the last few months Nathan, came very close to the 80-year threshold with the lease on his ground floor apartment in South Woodham Ferrers. Having bought his property two decades ago, the length of the lease was of little relevance. by good luck, it dawned on him that he would imminently be paying an inflated amount for a lease extension. Nathan arranged for a lease extension at the eleventh hour in April. Nathan and the freeholder via the managing agents in the end agreed on an amount of £5,500 . If he failed to meet the deadline, the figure would have gone up by a minimum £1,025.
In 2011 we were approached by Mr Reuben Michel who, having took over the lease of a first floor apartment in South Woodham Ferrers in November 1995. The question was if we could estimate the premium would be for a 90 year extension to my lease. Comparative residencies in South Woodham Ferrers with 100 year plus lease were in the region of £183,600. The average ground rent payable was £65 collected yearly. The lease ran out in 2083. Having 57 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 plus costs.
In 2013 we were contacted by Mr N Phillips who, having completed a basement apartment in South Woodham Ferrers in January 2011. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Comparative homes in South Woodham Ferrers with 100 year plus lease were valued about £250,000. The mid-range ground rent payable was £50 invoiced monthly. The lease came to a finish on 15 August 2094. Given that there were 68 years outstanding we approximated the premium to the landlord to extend the lease to be between £10,500 and £12,000 plus expenses.