Clapham and Salph End residential property held on a long lease is a wasting asset because a leaseholder only owns the property for a period of years.
It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Godiva Mortgages | |
| Santander | |
| The Mortgage Works | |
| Yorkshire Building Society |
Lease extensions in Clapham and Salph End can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer 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 Clapham and Salph End lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Ryan, came seriously close to the 80-year mark with the lease on his two bedroom apartment in Clapham and Salph End. Having purchased his flat twenty years ago, the lease term was of minimal significance. by good luck, he noticed he would soon be paying an escalated premium for Extending the lease. Ryan was able to extend his lease at the eleventh hour last June. Ryan and the landlord in the end agreed on a premium of £5,000 . If he failed to meet the deadline, the price would have become more exhorbitant by at least £1,125.
In 2009 we were approached by Mr and Mrs. P Garcia who, having was assigned a lease of a garden flat in Clapham and Salph End in November 2000. The dilemma was if we could estimate the price could be for a 90 year lease extension. Comparative flats in Clapham and Salph End with 100 year plus lease were in the region of £270,000. The average ground rent payable was £55 invoiced every twelve months. The lease concluded on 1 July 2101. Considering the 75 years unexpired we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including legals.
In 2012 we were e-mailed by Dr Alicia Mason who, having purchased a recently refurbished flat in Clapham and Salph End in June 2003. The dilemma was if we could approximate the premium could be to extend the lease by ninety years. Identical properties in Clapham and Salph End with an extended lease were worth £173,800. The mid-range ground rent payable was £60 billed per annum. The lease concluded in 2081. Given that there were 55 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £31,400 and £36,200 not including professional charges.