Ashington leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Ashington enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Ashington you would be well advised to check if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value
Leasehold properties in Ashington with over 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Halifax | |
| Santander | |
| Skipton Building Society | |
| TSB |
Using our service will provide you enhanced control over the value of your Ashington leasehold, as your property will be more valuable and saleable in terms of lease length should you want 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.
Subsequent to protracted correspondence with the freeholder of her one bedroom apartment in Ashington, Molly commenced the lease extension process as the eighty year deadline was fast approaching. The lease extension completed in March 2009. The freeholder’s costs were kept to an absolute minimum.
Dr D Allen bought a first floor flat in Ashington in May 1995. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Identical premises in Ashington with an extended lease were in the region of £200,000. The mid-range ground rent payable was £50 collected quarterly. The lease elapsed on 2 April 2103. Having 77 years outstanding we estimated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of fees.
In 2011 we were e-mailed by Mr and Mrs. I Phillips who, having moved into a basement flat in Ashington in April 1996. The question was if we could approximate the price would be for a ninety year lease extension. Similar premises in Ashington with a long lease were in the region of £265,200. The average amount of ground rent was £65 billed every twelve months. The lease finished in 2092. Having 66 years unexpired we calculated the premium to the freeholder to extend the lease to be within £15,200 and £17,600 plus expenses.