Caddington leases on domestic deteriorating in value. Where your lease has about ninety years unexpired, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for your lease extension to be in place before the term of the existing lease falls lower than 80 years - otherwise a higher premium will be due. Leasehold owners in Caddington will usually qualify for a lease extension; however a solicitor should be able check if you qualify. In certain cases you may not qualify. There are prescribed timetables and procedures to comply with once the process has commenced so it’s wise to be guided by a lawyer during the process.
Leasehold residencies in Caddington with in excess of one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Leeds Building Society | |
| Nationwide Building Society | |
| TSB |
Retaining our service gives you increased control over the value of your Caddington leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Arthur was the the leasehold proprietor of a 2 bedroom flat in Caddington on the market with a lease of fraction over 61 years outstanding. Arthur on an informal basis contacted his landlord being a well known local-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 new rent initially set at £200 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Arthur to invoke his statutory right. Arthur obtained expert advice and secured an acceptable resolution without resorting to tribunal and ending up with a market value flat.
Last Autumn we were e-mailed by Mr and Mrs. I Morgan , who was assigned a lease of a first floor apartment in Caddington in September 2005. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by an additional years. Similar properties in Caddington with an extended lease were in the region of £191,000. The average ground rent payable was £65 billed annually. The lease lapsed in 2084. Having 58 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £23,800 and £27,400 exclusive of costs.
Mr and Mrs. E Lee acquired a one bedroom apartment in Caddington in June 2001. The question was if we could approximate the premium would likely be to prolong the lease by an additional years. Similar residencies in Caddington with 100 year plus lease were worth £250,000. The mid-range amount of ground rent was £50 invoiced annually. The lease ended on 25 October 2095. Taking into account 69 years outstanding we calculated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus legals.