The market value of Ascot leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate substantially once the unexpired lease term is below than 80 years
It is generally accepted that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| The Mortgage Works | |
| Virgin |
Lease extensions in Ascot can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer with experience in lease extensions.
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 a wealth of experience procuring Ascot lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Mason, came critically near to the eighty-year mark with the lease on his basement flat in Ascot. In buying his home two decades ago, the length of the lease was of minimal interest. As luck would have it, he recognised he would soon be paying an escalated premium for Extending the lease. Mason arranged for a lease extension at the eleventh hour in June. Mason and the landlord subsequently settled on an amount of £6,000 . If he failed to meet the deadline, the figure would have become more costly by a minimum £850.
In 2013 we were contacted by Dr Jasper Moore who, having was assigned a lease of a basement apartment in Ascot in April 2001. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Similar residencies in Ascot with an extended lease were valued about £233,200. The mid-range amount of ground rent was £60 collected monthly. The lease finished in 2087. Given that there were 61 years left we estimated the compensation to the freeholder for the lease extension to be between £22,800 and £26,400 plus expenses.
Last Christmas we were called by Mr Blake Anderson , who moved into a recently refurbished apartment in Ascot in January 2002. The dilemma was if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Comparable premises in Ascot with a long lease were valued around £166,800. The mid-range ground rent payable was £55 invoiced annually. The lease ran out in 2076. Given that there were 50 years left we approximated the premium to the landlord for the lease extension to be between £32,300 and £37,400 exclusive of professional charges.