Blandfordum leases on domestic properties are gradually losing value. Where your lease has in the region of 90 years remaining, you should start considering the need for a lease extension. If lease term falls under 80 years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Blandfordum will mostly qualify for a lease extension; however a solicitor will check your eligibility. In some circumstances you may not qualify. There are also strict timetables and procedures to comply with once the process is triggered so it’s wise to be guided by a conveyancer during the process.
Leasehold residencies in Blandfordum with in excess of one hundred 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 purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| National Westminster Bank | |
| Virgin | |
| Yorkshire Building Society |
The lawyers that we work with undertake Blandfordum 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 conveyancing solicitor we work with provide it.
Last Summer Blake, came very close to the 80-year mark with the lease on his leasehold flat in Blandfordum. In buying his home twenty years previously, the unexpired term was of no significance. Thankfully, it dawned on him that he would imminently be paying an inflated amount for Extending the lease. Blake extended the lease at the eleventh hour last January. Blake and the landlord eventually settled on sum of £6,000 . If he failed to meet the deadline, the sum would have gone up by at least £975.
In 2009 we were phoned by Mr and Mrs. V Miller who, having owned a one bedroom flat in Blandfordum in September 1998. The question was if we could estimate the premium would be to extend the lease by ninety years. Similar residencies in Blandfordum with 100 year plus lease were valued around £285,000. The average ground rent payable was £55 collected every twelve months. The lease expired on 26 July 2105. Given that there were 79 years left we estimated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 not including legals.
Last month we were approach by Ms Morgan Garcia , who was assigned a lease of a studio flat in Blandfordum in March 2006. The dilemma was if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Comparable premises in Blandfordum with an extended lease were in the region of £193,400. The mid-range amount of ground rent was £65 invoiced per annum. The lease ran out in 2085. Having 59 years remaining we calculated the premium to the freeholder to extend the lease to be within £21,900 and £25,200 exclusive of expenses.