Crewkerne leases on domestic properties are gradually losing value. if your lease has about ninety years remaining, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for your lease extension to take place before the term of the existing lease dips below 80 years - otherwise a higher amount will be due. Leasehold owners in Crewkerne will usually qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to confirm your eligibility. In certain circumstances you may not be entitled. There are also strict timetables and steps to follow once the process has started so it’s best to be guided by a lawyer during the process.
It is generally accepted that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| Skipton Building Society | |
| TSB |
Regardless of whether you are a tenant or a landlord in Crewkerne,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Crewkerne valuers.
Teddy was the the leasehold proprietor of a high value apartment in Crewkerne on the market with a lease of a few days over sixty years unexpired. Teddy on an informal basis spoke with his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Teddy to invoke his statutory right. Teddy procured expert advice and secured an acceptable resolution without going to tribunal and ending up with a market value flat.
Ms Elizabeth Ward acquired a one bedroom flat in Crewkerne in January 2008. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year lease extension. Identical homes in Crewkerne with 100 year plus lease were in the region of £246,800. The average ground rent payable was £60 invoiced per annum. The lease lapsed in 2076. Given that there were 50 years remaining we estimated the premium to the landlord for the lease extension to be within £44,700 and £51,600 plus legals.
Last Christmas we were e-mailed by Mr and Mrs. B Norbert , who was assigned a lease of a purpose-built apartment in Crewkerne in May 2000. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year extension to my lease. Similar residencies in Crewkerne with an extended lease were valued around £208,200. The average ground rent payable was £65 invoiced quarterly. The lease elapsed in 2087. Given that there were 61 years remaining we approximated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 exclusive of professional charges.