As the length of the unexpired term of a Chopwell domestic lease decreases so does its value and therefore the value of your property. Where the residual term has, in excess of 125 years to run then this decrease may be negligible however there will become a stage when a lease has under than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should consider extending without delay. The majority of flat owners in Chopwell will meet the qualifying criteria; nevertheless a conveyancer should be able to confirm if you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 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 |
|---|---|
| Birmingham Midshires | |
| Coventry Building Society | |
| Santander | |
| The Mortgage Works | |
| Virgin |
Engaging our service gives you enhanced control over the value of your Chopwell leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
After unsuccessful negotiations with the landlord of her studio flat in Chopwell, Kirsty initiated the lease extension process as the eighty year threshold was rapidly coming. The lease extension completed in April 2010. The landlord’s fees were restricted to slightly above five hundred GBP.
In 2013 we were approached by Mr and Mrs. U Rogers who, having moved into a garden flat in Chopwell in May 1996. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Similar homes in Chopwell with a long lease were in the region of £208,600. The mid-range amount of ground rent was £60 collected yearly. The lease expired in 2083. Having 57 years left we approximated the premium to the landlord for the lease extension to be between £30,400 and £35,200 not including professional charges.
Mr and Mrs. W Norbert was assigned a lease of a first floor apartment in Chopwell in April 2001. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year extension to my lease. Identical premises in Chopwell with an extended lease were worth £200,000. The mid-range ground rent payable was £50 invoiced monthly. The lease ran out on 24 July 2103. Considering the 77 years unexpired we estimated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of legals.