Castle Donington leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Most owners of residential leasehold property in Castle Donington enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Castle Donington you must check if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value
Leasehold residencies in Castle Donington with over 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| National Westminster Bank | |
| TSB | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a landlord in Castle Donington,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 in-depth market knowledge and the close ties they enjoy with Castle Donington valuers.
In 2014 Blake, came dangerously close to the 80-year mark with the lease on his studio flat in Castle Donington. In buying his home 18 years ago, the unexpired term was of little significance. by good luck, it dawned on him that he would soon be paying an escalated premium for Extending the lease. Blake extended the lease at the eleventh hour last January. Blake and the landlord who owned the flat above in the end agreed on an amount of £6,000 . If the lease had slipped below 80 years, the sum would have become more costly by a minimum £925.
Last Winter we were approach by Mr and Mrs. G Walker , who acquired a garden flat in Castle Donington in June 2003. The dilemma was if we could approximate the price would likely be for a ninety year lease extension. Comparative flats in Castle Donington with 100 year plus lease were in the region of £300,000. The average ground rent payable was £50 billed per annum. The lease came to a finish in 2102. Given that there were 76 years as a residual term we approximated the premium to the landlord for the lease extension to be between £8,600 and £9,800 not including costs.
Last Summer we were contacted by Ms O Sharif , who moved into a purpose-built flat in Castle Donington in July 1998. We are asked if we could approximate the price would likely be to prolong the lease by 90 years. Similar properties in Castle Donington with an extended lease were in the region of £257,800. The average amount of ground rent was £65 collected quarterly. The lease ran out in 2091. Considering the 65 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £18,100 and £20,800 not including legals.