The nearer a domestic lease in South Woodham Ferrers nears to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, over one hundred years to run then this decrease may be negligible that being said there will become a point in time when a lease has less than eighty 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 main reason why you should extend the lease sooner than later. Most flat owners in South Woodham Ferrers will qualify for this right; nevertheless a conveyancing solicitor can confirm if you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Barnsley Building Society | |
| Coventry Building Society | |
| Leeds Building Society |
Regardless of whether you are a tenant or a landlord in South Woodham Ferrers,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with South Woodham Ferrers valuers.
Jayden was the the leasehold owner of a high value apartment in South Woodham Ferrers being marketed with a lease of a little over fifty eight years remaining. Jayden on an informal basis contacted his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £125 annually. Ordinarily, ground rent would not be due on a lease extension were Jayden to exercise his statutory right. Jayden obtained expert advice and secured satisfactory deal informally and ending up with a market value flat.
In 2009 we were contacted by Mrs Phoebe Bertrand who, having took over the lease of a one bedroom flat in South Woodham Ferrers in October 2002. We are asked if we could shed any light on how much (approximately) price would likely be to prolong the lease by an additional years. Comparable properties in South Woodham Ferrers with an extended lease were in the region of £265,000. The mid-range ground rent payable was £50 billed quarterly. The lease expired in 2099. Having 73 years unexpired we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus fees.
In 2009 we were approached by Mr Gabriel Morel who, having completed a studio flat in South Woodham Ferrers in June 1997. We are asked if we could estimate the premium would be to extend the lease by 90 years. Comparable homes in South Woodham Ferrers with a long lease were valued around £264,000. The mid-range ground rent payable was £60 invoiced monthly. The lease came to a finish on 11 March 2079. Given that there were 53 years unexpired we calculated the premium to the landlord to extend the lease to be within £37,100 and £42,800 exclusive of fees.