As the the remaining lease term of a Westbury Park domestic lease diminished so does its value and therefore the value of your property. Where the residual term has, over 125 years remaining then this decrease may be of little impact that being said there will become a stage when a lease has under than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should extend the lease sooner as opposed to later. Most flat owners in Westbury Park will qualify for this right; nevertheless a conveyancer should be able to advise whether you qualify 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 generally considered that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Leeds Building Society | |
| Virgin | |
| Yorkshire Building Society |
Retaining our service will provide you enhanced control over the value of your Westbury Park leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Subsequent to protracted discussions with the freeholder of her studio apartment in Westbury Park, Amy commenced the lease extension process just as the lease was nearing the critical 80-year threshold. The transaction completed in November 2006. The landlord’s charges were negotiated to below 600 pounds.
Mr and Mrs. K Girard acquired a basement apartment in Westbury Park in September 2007. The dilemma was if we could estimate the premium would likely be to extend the lease by 90 years. Comparative residencies in Westbury Park with an extended lease were in the region of £300,000. The average amount of ground rent was £50 billed per annum. The lease finished in 2102. Having 76 years outstanding we approximated the premium to the landlord to extend the lease to be within £8,600 and £9,800 not including professional charges.
Last Summer we were called by Ms Rhiannon Simon , who completed a one bedroom flat in Westbury Park in May 2005. We are asked if we could estimate the premium would be to extend the lease by ninety years. Comparative properties in Westbury Park with a long lease were valued about £257,800. The average amount of ground rent was £65 invoiced every twelve months. The lease came to a finish in 2091. Given that there were 65 years as a residual term we approximated the premium to the landlord to extend the lease to be between £18,100 and £20,800 not including professional charges.