Amersham leases on residential properties are gradually losing value. if your lease has in the region of 90 years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease dips below this level then you start paying an additional element called marriage value. Flat owners in Amersham will usually qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to confirm if you qualify. In certain cases you may not be entitled. There are prescribed timetables and formalities to follow once the process has commenced so it’s prudent to be guided by a conveyancer during the process.
Leasehold residencies in Amersham with over 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| Yorkshire Building Society |
Retaining our service will provide you enhanced control over the value of your Amersham leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Tyler owned a high value apartment in Amersham being marketed with a lease of fraction over fifty eight years remaining. Tyler informally contacted his landlord a well known London-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £100 per annum. Ordinarily, ground rent would not be payable on a lease extension were Tyler to exercise his statutory right. Tyler obtained expert legal guidance and was able to make a more informed decision and handle with the matter and readily saleable.
Mr and Mrs. E Bailey purchased a one bedroom apartment in Amersham in November 2004. The question was if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Comparable residencies in Amersham with an extended lease were worth £256,600. The mid-range ground rent payable was £60 collected per annum. The lease terminated on 22 April 2078. Having 52 years left we calculated the compensation to the freeholder for the lease extension to be within £39,000 and £45,000 plus costs.
Mr Tommy Davis bought a recently refurbished flat in Amersham in October 2007. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year lease extension. Identical premises in Amersham with a long lease were in the region of £218,000. The average amount of ground rent was £45 invoiced per annum. The lease ran out in 2089. Having 63 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £17,100 and £19,800 exclusive of legals.