The closer a residential lease in Castleton nears to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, more than 125 years to run then this decrease may be of little impact that being said 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 termed as a marriage value. This could be significant. It is the main rational as to why you should extend the lease without delay. Many flat owners in Castleton will meet the qualifying criteria; that being said a conveyancing solicitor will be able to advise whether you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| Leeds Building Society | |
| Skipton Building Society | |
| TSB |
Lease extensions in Castleton can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor 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 Castleton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Henry owned a studio flat in Castleton being sold with a lease of a little over 59 years remaining. Henry informally contacted his freeholder a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Henry to exercise his statutory right. Henry obtained expert advice and secured satisfactory resolution without going to tribunal and readily saleable.
In 2014 we were called by Mr and Mrs. D Thompson who, having completed a purpose-built apartment in Castleton in February 1996. The dilemma was if we could shed any light on how much (roughly) premium could be to prolong the lease by 90 years. Comparable properties in Castleton with a long lease were in the region of £275,000. The mid-range ground rent payable was £65 billed annually. The lease finished on 27 November 2094. Considering the 68 years unexpired we calculated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 plus legals.
Last Summer we were approach by Ms T Jackson , who completed a newly refurbished flat in Castleton in November 2007. The question was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparative properties in Castleton with a long lease were in the region of £213,600. The mid-range ground rent payable was £60 billed every twelve months. The lease ran out on 8 February 2083. Taking into account 57 years left we estimated the premium to the freeholder for the lease extension to be between £30,400 and £35,200 not including fees.