The closer a residential lease in Crowland gets to zero years unexpired, the more it reduces the value of the property. If the residual term has, in excess of 100 years remaining then this decrease may be of little impact nevertheless there will become a point in time when a lease has fewer than eighty 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 main logic behind why you should consider extending sooner rather than later. Most flat owners in Crowland will qualify for this right; that being said a conveyancer can confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Barnsley Building Society | |
| Chelsea Building Society | |
| Halifax |
Lease extensions in Crowland can be a difficult process. We recommend you procure professional help from a conveyancer 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 Crowland lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last year Freddie, came critically close to the 80-year mark with the lease on his leasehold flat in Crowland. Having bought his property two decades ago, the lease term was of no importance. Thankfully, he noticed he needed to take action soon on a lease extension. Freddie arranged for a lease extension just under the wire last June. Freddie and the landlord who owned the flat above eventually agreed on sum of £5,000 . If he had missed the deadline, the premium would have escalated by at least £1,025.
In 2010 we were called by Dr N Watson who, having bought a one bedroom flat in Crowland in June 2012. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year lease extension. Comparative homes in Crowland with 100 year plus lease were worth £210,000. The mid-range amount of ground rent was £50 collected per annum. The lease concluded in 2106. Given that there were 80 years remaining we approximated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 plus fees.
Last month we were phoned by Mr and Mrs. B Stewart , who completed a one bedroom flat in Crowland in July 2002. The question was if we could approximate the premium would be to prolong the lease by 90 years. Comparative residencies in Crowland with a long lease were worth £280,000. The average amount of ground rent was £45 billed quarterly. The lease came to a finish in 2095. Considering the 69 years remaining we estimated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 plus expenses.