As the length of the unexpired term of a Buckingham residential lease decreases so does its value and therefore the value of your property. Where the lease has, over one hundred years remaining then this decrease may be negligible nevertheless there will become a point in time when a lease has under than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main reason why you should consider extending without delay. Many flat owners in Buckingham will meet the qualifying criteria; nevertheless a conveyancing solicitor can confirm whether you are eligible for a lease extension. 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.
It is generally considered that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years left, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Santander | |
| Yorkshire Building Society |
Engaging our service will provide you better control over the value of your Buckingham leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
After unsuccessful correspondence with the freeholder of her purpose-built flat in Buckingham, Danielle commenced the lease extension process just as the lease was nearing the all-important 80-year deadline. The legal work was concluded in November 2007. The freeholder’s charges were kept to an absolute minimum.
In 2013 we were phoned by Mr C Lambert who, having owned a ground floor flat in Buckingham in September 2001. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Similar residencies in Buckingham with 100 year plus lease were valued around £168,800. The mid-range amount of ground rent was £60 invoiced quarterly. The lease ended on 6 October 2081. Having 55 years remaining we approximated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 plus professional charges.
Last month we were phoned by Dr Sian Hernández , who bought a newly refurbished flat in Buckingham in April 2009. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year lease extension. Comparative properties in Buckingham with an extended lease were valued around £232,800. The average ground rent payable was £45 collected monthly. The lease lapsed in 2091. Given that there were 65 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 not including costs.