There is no doubt about it a leasehold property in Aston Clinton is a wasting asset as a result of the diminishing lease term. Where the lease has, in excess of 99 years remaining then this decrease may be negligible that being said there will become a stage when a lease has under than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should extend the lease without delay. The majority of flat owners in Aston Clinton will meet the qualifying criteria; that being said a lawyer should be able to confirm if you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Virgin |
Lease extensions in Aston Clinton can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor with experience in this area.
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 in-depth market knowledge procuring Aston Clinton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Twenty four months ago Luca, started to get near to the eighty-year mark with the lease on his two bedroom apartment in Aston Clinton. Having purchased his property two decades ago, the length of the lease was of no bearing. Luckily, he became aware that he would soon be paying an inflated amount for a lease extension. Luca was able to extend his lease just under the wire in September. Luca and the landlord subsequently settled on the final figure of £6,000 . If he failed to meet the deadline, the figure would have escalated by at least £950.
Last May we were e-mailed by Mr and Mrs. E Adams , who completed a garden flat in Aston Clinton in August 2004. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Comparative residencies in Aston Clinton with a long lease were in the region of £193,400. The average amount of ground rent was £65 invoiced every twelve months. The lease concluded on 14 July 2085. Having 59 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £21,900 and £25,200 plus fees.
In 2014 we were e-mailed by Mr C Patel who, having acquired a newly refurbished apartment in Aston Clinton in August 2012. We are asked if we could approximate the premium would likely be for a ninety year extension to my lease. Comparable flats in Aston Clinton with a long lease were valued around £255,000. The mid-range amount of ground rent was £50 billed per annum. The lease ran out in 2096. Having 70 years left we estimated the premium to the landlord for the lease extension to be between £10,500 and £12,000 not including costs.