Aspley Guise leases on residential properties are gradually losing value. if your lease has in the region of 90 years left, you should start considering the need for a lease extension. If lease term is less than eighty years, you will then have to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Aspley Guise will usually qualify for a lease extension; however a solicitor will check if you qualify. In some situations you may not qualify. There are prescribed deadlines and procedures to follow once the process has started so it’s best to be guided by a conveyancing solicitor during the process.
It is generally accepted that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| Nationwide Building Society | |
| Skipton Building Society |
The lawyers that we work with procure Aspley Guise lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
Arthur was the the leasehold owner of a high value apartment in Aspley Guise being marketed with a lease of a few days over 59 years unexpired. Arthur on an informal basis spoke with his freeholder a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £100 annually. Ordinarily, ground rent would not be payable on a lease extension were Arthur to exercise his statutory right. Arthur procured expert legal guidance and secured an acceptable deal without going to tribunal and readily saleable.
In 2012 we were called by Ms Ashleigh Harris who, having completed a first floor flat in Aspley Guise in September 2003. We are asked if we could shed any light on how much (roughly) premium would be for a ninety year extension to my lease. Identical properties in Aspley Guise with a long lease were valued about £210,000. The average amount of ground rent was £50 invoiced every twelve months. The lease terminated in 2105. Having 79 years remaining we calculated the premium to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of fees.
Last Spring we were contacted by Mr and Mrs. N Gómez , who was assigned a lease of a one bedroom flat in Aspley Guise in February 2007. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by an additional years. Identical properties in Aspley Guise with a long lease were in the region of £275,000. The mid-range amount of ground rent was £65 invoiced quarterly. The lease came to a finish on 6 January 2094. Given that there were 68 years unexpired we approximated the premium to the landlord to extend the lease to be within £13,300 and £15,400 not including fees.