Capel St Mary leases on residential properties are gradually losing value. Where your lease has about ninety years left, you should start considering the need for a lease extension. If lease term falls under eighty years, you will then have to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Capel St Mary will usually qualify for a lease extension; however a solicitor should be able check your eligibility. In some cases you may not be entitled. There are also strict deadlines and procedures to follow once the process is initiated so it’s sensible to be guided by a conveyancer during the process.
It is generally considered that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Leeds Building Society | |
| Nationwide Building Society | |
| TSB |
Irrespective of whether you are a tenant or a landlord in Capel St Mary,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Capel St Mary valuers.
Alexander was the the leasehold owner of a conversion flat in Capel St Mary on the market with a lease of fraction over fifty eight years remaining. Alexander on an informal basis contacted his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Alexander to exercise his statutory right. Alexander obtained expert advice and secured an acceptable deal without resorting to tribunal and sell the flat.
Last year we were e-mailed by Dr Ella Fournier , who acquired a studio flat in Capel St Mary in June 1998. The dilemma was if we could approximate the premium could be for a ninety year extension to my lease. Comparable homes in Capel St Mary with 100 year plus lease were worth £267,600. The average amount of ground rent was £65 invoiced every twelve months. The lease finished in 2093. Considering the 67 years remaining we calculated the premium to the landlord for the lease extension to be between £14,300 and £16,400 exclusive of costs.
Dr Amber Ricardo owned a basement apartment in Capel St Mary in February 2005. The dilemma was if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Comparative properties in Capel St Mary with an extended lease were valued about £201,200. The average ground rent payable was £55 invoiced per annum. The lease terminated on 23 October 2082. Considering the 56 years remaining we approximated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 exclusive of legals.