There is no doubt about it a leasehold flat or house in Adderbury is a wasting asset as a result of the shortening lease. Where the lease has, more than 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 eighty 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 logic behind why you should consider extending sooner rather than later. Most flat owners in Adderbury will meet the qualifying criteria; however a conveyancing solicitor should be able to advise if you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.
It is generally accepted that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Chelsea Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Virgin |
Lease extensions in Adderbury can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer 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 in-depth market knowledge procuring Adderbury lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Charlie owned a 2 bedroom flat in Adderbury being marketed with a lease of a little over sixty years left. Charlie on an informal basis approached his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £100 annually. No ground rent would be due on a lease extension were Charlie to exercise his statutory right. Charlie obtained expert advice and was able to make an informed decision and deal with the matter and sell the property.
Last Summer we were contacted by Dr I Rivera , who bought a first floor apartment in Adderbury in August 2005. The question was if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Comparative residencies in Adderbury with a long lease were in the region of £242,600. The average amount of ground rent was £45 invoiced every twelve months. The lease ended in 2093. Considering the 67 years outstanding we estimated the premium to the freeholder for the lease extension to be between £11,400 and £13,200 exclusive of costs.
Mr R Morris owned a ground floor flat in Adderbury in March 1997. The question was if we could shed any light on how much (roughly) price would be for a ninety year extension to my lease. Comparative properties in Adderbury with 100 year plus lease were worth £280,000. The average ground rent payable was £55 billed annually. The lease expired on 26 June 2104. Taking into account 78 years left we calculated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 plus fees.