Crediton leases on residential deteriorating in value. if your lease has about 90 years unexpired, you should start thinking about a lease extension. If lease term is under eighty years, you will then have to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Crediton will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to check your eligibility. In some cases you may not be entitled. There are prescribed deadlines and formalities to follow once the process is triggered so it’s wise to be guided by a conveyancing solicitor during the process.
Leasehold properties in Crediton with more than one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Birmingham Midshires | |
| National Westminster Bank | |
| TSB |
Engaging our service gives you enhanced control over the value of your Crediton leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Max was the the leasehold proprietor of a high value apartment in Crediton on the market with a lease of a little over 59 years left. Max on an informal basis spoke with his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Max to invoke his statutory right. Max procured expert legal guidance and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.
In 2011 we were approached by Dr V Rogers who, having moved into a recently refurbished flat in Crediton in April 2011. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year extension to my lease. Comparable properties in Crediton with 100 year plus lease were in the region of £285,000. The average ground rent payable was £55 collected quarterly. The lease ran out in 2106. Taking into account 80 years unexpired we calculated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of professional charges.
Last Winter we were called by Mr and Mrs. R Ali , who was assigned a lease of a one bedroom apartment in Crediton in August 2010. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Identical premises in Crediton with an extended lease were in the region of £200,800. The average ground rent payable was £65 collected annually. The lease expiry date was on 28 February 2086. Considering the 60 years unexpired we approximated the premium to the landlord for the lease extension to be between £20,900 and £24,200 exclusive of costs.