Buntingford leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. It is the case that most Buntingford tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in Buntingford you should investigate if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value
It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 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 | |
| Godiva Mortgages | |
| Halifax | |
| Leeds Building Society | |
| Yorkshire Building Society |
Lease extensions in Buntingford can be a difficult process. We recommend you procure professional help 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 procuring Buntingford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Seth owned a conversion flat in Buntingford on the market with a lease of a few days over 59 years outstanding. Seth informally spoke with his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent initially set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Seth to exercise his statutory right. Seth procured expert legal guidance and secured satisfactory resolution without resorting to tribunal and sell the flat.
Ms V Bell was assigned a lease of a first floor apartment in Buntingford in February 2008. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year lease extension. Comparable properties in Buntingford with a long lease were worth £250,000. The mid-range ground rent payable was £50 invoiced every twelve months. The lease expired on 14 July 2095. Given that there were 69 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus costs.
Mrs Stephanie Simon bought a one bedroom apartment in Buntingford in May 2001. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by a further 90 years. Comparative premises in Buntingford with 100 year plus lease were in the region of £285,000. The mid-range ground rent payable was £55 collected per annum. The lease ran out in 2106. Considering the 80 years unexpired we estimated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of fees.