The value of Ashby de la Zouch leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase materialy once the remaining term is less than 80 years
It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Nationwide Building Society | |
| Santander | |
| TSB | |
| The Mortgage Works |
Using our service gives you increased control over the value of your Ashby de la Zouch leasehold, as your property will be more valuable and saleable in terms of lease length should you wish 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.
14 months ago Harrison, came precariously close to the eighty-year threshold with the lease on his purpose- built flat in Ashby de la Zouch. In buying his flat twenty years previously, the length of the lease was of no concern. by good luck, he became aware that he needed to take steps soon on Extending the lease. Harrison was able to extend his lease just in the nick of time in April. Harrison and the freeholder eventually agreed on sum of £5,000 . If he not met the deadline, the price would have escalated by a minimum £1,000.
Last April we were called by Mr and Mrs. S Phillips , who moved into a garden flat in Ashby de la Zouch in February 2007. The question was if we could shed any light on how much (approximately) price would likely be for a 90 year lease extension. Comparative homes in Ashby de la Zouch with a long lease were worth £210,600. The mid-range ground rent payable was £45 collected every twelve months. The lease elapsed on 28 November 2088. Considering the 62 years left we estimated the compensation to the landlord for the lease extension to be between £18,100 and £20,800 plus fees.
In 2010 we were approached by Ms C García who, having bought a ground floor flat in Ashby de la Zouch in August 2012. We are asked if we could estimate the price could be to prolong the lease by 90 years. Comparative residencies in Ashby de la Zouch with 100 year plus lease were worth £265,000. The average amount of ground rent was £50 collected quarterly. The lease termination date was on 10 November 2099. Considering the 73 years unexpired we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including legals.