The closer a domestic lease in Victoria Park gets to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, in excess of 100 years remaining then this decrease may be of little impact however there will become a stage when a lease has fewer than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should extend the lease without delay. Many flat owners in Victoria Park will qualify for this right; nevertheless a conveyancing solicitor can advise if you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
It is generally considered that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Coventry Building Society | |
| Halifax | |
| Leeds Building Society | |
| Royal Bank of Scotland |
Engaging our service will provide you better control over the value of your Victoria Park leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Twenty four months ago Benjamin, came dangerously close to the eighty-year threshold with the lease on his two bedroom apartment in Victoria Park. Having bought his home 18 years previously, the lease term was of minimal importance. by good luck, it dawned on him that he needed to take steps soon on Extending the lease. Benjamin was able to extend his lease just under the wire last March. Benjamin and the freeholder via the managing agents eventually agreed on an amount of £6,000 . If he not met the deadline, the sum would have escalated by at least £950.
Dr D Dupont took over the lease of a garden apartment in Victoria Park in March 1999. The dilemma was if we could shed any light on how much (roughly) premium would likely be to prolong the lease by an additional years. Similar flats in Victoria Park with 100 year plus lease were worth £184,000. The mid-range ground rent payable was £55 invoiced quarterly. The lease termination date was in 2079. Taking into account 53 years outstanding we calculated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 plus costs.
In 2011 we were contacted by Mr and Mrs. V Gómez who, having took over the lease of a one bedroom apartment in Victoria Park in March 2007. The question was if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Comparable residencies in Victoria Park with 100 year plus lease were worth £290,000. The average ground rent payable was £45 collected yearly. The lease ended in 2099. Considering the 73 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of fees.