With a domestic leasehold property in Coningsby, you are actually purchasing a right to reside in a property for a prescribed time frame. These days flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should think about a lease extension sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly notably once there are less than 80 years remaining. Residents in Coningsby with a lease nearing 81 years left should seriously think of extending it sooner than later. When a lease has below eighty years outstanding, under the relevant Act the freeholder is entitled to calculate and demand a greater amount, assessed on a technical computation, known as “marriage value” which is payable.
It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Leeds Building Society | |
| Virgin | |
| Yorkshire Building Society |
Lease extensions in Coningsby can be a difficult process. We recommend you get guidance from a lawyer 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 in-depth market knowledge procuring Coningsby lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Archie, started to get near to the 80-year threshold with the lease on his two bedroom flat in Coningsby. Having bought his property two decades ago, the unexpired term was of little interest. Luckily, he recognised he needed to take action soon on Extending the lease. Archie arranged for a lease extension at the eleventh hour in January. Archie and the freeholder via the managing agents in the end agreed on an amount of £5,000 . If he had missed the deadline, the sum would have escalated by a minimum £1,025.
In 2013 we were approached by Mrs Alexandra Girard who, having owned a basement flat in Coningsby in January 2004. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by 90 years. Comparable properties in Coningsby with a long lease were worth £250,400. The mid-range ground rent payable was £65 invoiced per annum. The lease came to a finish in 2090. Considering the 64 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £19,000 and £22,000 not including legals.
Last Autumn we were called by Dr Toby André , who was assigned a lease of a newly refurbished apartment in Coningsby in July 2005. The dilemma was if we could shed any light on how much (roughly) premium would be for a 90 year lease extension. Similar homes in Coningsby with an extended lease were in the region of £184,000. The mid-range amount of ground rent was £55 invoiced yearly. The lease expired in 2079. Given that there were 53 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 exclusive of costs.