As the length of the unexpired term of a Deanshanger residential lease decreases so does its value and therefore the value of your property. Where the lease has, more than 99 years to run then this decrease may be negligible however there will become a point in time when a lease has fewer than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary reason why you should consider extending sooner rather than later. The majority of flat owners in Deanshanger will qualify for this right; nevertheless a lawyer will be able to advise if you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
Lease extensions in Deanshanger can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor 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 Deanshanger lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After protracted correspondence with the landlord of her garden apartment in Deanshanger, Tia started the lease extension process as the eighty year mark was fast coming. The legal work was finalised in September 2009. The landlord’s fees were restricted to a tad over five hundred pounds.
Last Spring we were e-mailed by Ms Isabelle Ward , who was assigned a lease of a ground floor flat in Deanshanger in May 2004. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Comparative premises in Deanshanger with 100 year plus lease were valued about £260,000. The mid-range amount of ground rent was £50 invoiced annually. The lease terminated in 2097. Having 72 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus fees.
Mr and Mrs. C Smith purchased a basement apartment in Deanshanger in May 2010. We are asked if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Similar premises in Deanshanger with 100 year plus lease were valued around £261,600. The average amount of ground rent was £60 billed every twelve months. The lease ended on 23 March 2077. Considering the 52 years remaining we calculated the premium to the landlord for the lease extension to be between £39,000 and £45,000 plus fees.