As the the remaining lease term of a Christchurch domestic lease diminished so does its value and therefore the value of your property. If the residual term has, more than 100 years to run then this decrease may be negligible however there will become a stage when a lease has under than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease without delay. Many flat owners in Christchurch will qualify for this right; nevertheless a conveyancer can confirm if you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.
Leasehold residencies in Christchurch with more than 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Godiva Mortgages | |
| Halifax | |
| Yorkshire Building Society |
Lease extensions in Christchurch can be a difficult process. We recommend you get 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 dealing with Christchurch lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After lengthy negotiations with the freeholder of her purpose-built apartment in Christchurch, Mia commenced the lease extension process just as her lease was approaching the all-important eighty-year deadline. The transaction completed in January 2007. The landlord’s fees were restricted to under 550 GBP.
Mrs G Bertrand purchased a one bedroom flat in Christchurch in February 2004. The question was if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Comparable homes in Christchurch with an extended lease were worth £255,000. The mid-range amount of ground rent was £50 billed annually. The lease elapsed on 26 September 2097. Considering the 71 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 plus costs.
Last Summer we were approach by Mr and Mrs. V Gómez , who took over the lease of a first floor flat in Christchurch in August 2009. We are asked if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Comparative premises in Christchurch with an extended lease were valued around £254,200. The average ground rent payable was £60 billed yearly. The lease terminated in 2077. Given that there were 51 years left we estimated the premium to the freeholder for the lease extension to be between £43,700 and £50,600 not including professional charges.