As the the remaining lease term of a Boroughbridge residential lease decreases so does its value and therefore the value of your property. If the residual term has, over one hundred years to run then this decrease may be negligible that being said there will become a stage when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main logic behind why you should consider extending without delay. Most flat owners in Boroughbridge will meet the qualifying criteria; however a conveyancer will be able to advise whether you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold premises in Boroughbridge with over 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| Nationwide Building Society | |
| The Mortgage Works | |
| Yorkshire Building Society |
Engaging our service will provide you better control over the value of your Boroughbridge leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Trailing protracted negotiations with the freeholder of her ground floor flat in Boroughbridge, Robyn initiated the lease extension process as the eighty year threshold was fast approaching. The lease extension was concluded in May 2005. The freeholder’s charges were kept to an absolute minimum.
Ms N Davies owned a first floor apartment in Boroughbridge in March 2009. We are asked if we could shed any light on how much (roughly) premium would be to prolong the lease by ninety years. Comparative premises in Boroughbridge with an extended lease were in the region of £233,200. The mid-range ground rent payable was £60 collected quarterly. The lease came to a finish on 25 November 2087. Considering the 61 years outstanding we calculated the premium to the landlord to extend the lease to be between £22,800 and £26,400 not including legals.
In 2010 we were phoned by Mr and Mrs. U Nguyen who, having was assigned a lease of a garden flat in Boroughbridge in January 1995. We are asked if we could estimate the price would likely be to extend the lease by a further 90 years. Comparable properties in Boroughbridge with an extended lease were worth £166,800. The average amount of ground rent was £50 billed monthly. The lease ran out in 2076. Taking into account 50 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £32,300 and £37,400 plus legals.