Unfortunately that a Attleborough residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the early years due to the deflation being disguised by increases in the Attleborough property prices.Where your lease has approximately ninety years left, you should start considering a lease extension. If lease term dips under eighty years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property The majority of leasehold owners in Attleborough will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm if you are eligibility. In some situations you may not be entitled. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your conveyancing solicitor from beginning to end of the formalities.
Leasehold properties in Attleborough with over one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Attleborough can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer well versed in the legislation and lease extension process.
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 dealing with Attleborough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Muhammad owned a 2 bedroom apartment in Attleborough being sold with a lease of a little over sixty years left. Muhammad informally contacted his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £200 per annum. No ground rent would be payable on a lease extension were Muhammad to exercise his statutory right. Muhammad procured expert advice and was able to make an informed judgement and deal with the matter and readily saleable.
In 2014 we were contacted by Ms Elizabeth Martínez who, having acquired a purpose-built flat in Attleborough in January 2009. The dilemma was if we could approximate the price could be for a ninety year extension to my lease. Identical premises in Attleborough with 100 year plus lease were worth £200,800. The mid-range ground rent payable was £65 invoiced annually. The lease ended on 15 May 2086. Given that there were 60 years unexpired we calculated the premium to the freeholder to extend the lease to be within £20,900 and £24,200 plus legals.
Last Spring we were contacted by Mr and Mrs. V Petit , who completed a one bedroom apartment in Attleborough in October 2004. We are asked if we could estimate the price could be for a 90 year lease extension. Comparable residencies in Attleborough with an extended lease were worth £260,000. The average amount of ground rent was £50 collected quarterly. The lease terminated on 7 January 2097. Taking into account 71 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of fees.