As the the remaining lease term of a Diss residential lease lessens so does its value and therefore the value of your property. If the lease has, beyond 125 years to run then this decrease may be of little impact however there will become a point in time when a lease has under than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary logic behind why you should consider extending sooner as opposed to later. The majority of flat owners in Diss will qualify for this right; that being said a lawyer should be able to advise if you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold residencies in Diss with over one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Coventry Building Society | |
| Leeds Building Society | |
| The Mortgage Works | |
| Yorkshire Building Society |
Using our service gives you better control over the value of your Diss leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Trailing lengthy negotiations with the landlord of her leasehold flat in Diss, Daisy commenced the lease extension process as the 80 year mark was quickly nearing. The lease extension completed in April 2005. The freeholder’s charges were restricted to a tad over 450 pounds.
Last Summer we were called by Mrs B Stewart , who was assigned a lease of a purpose-built flat in Diss in July 2003. The question was if we could approximate the premium would be to prolong the lease by ninety years. Similar properties in Diss with 100 year plus lease were in the region of £250,000. The mid-range ground rent payable was £50 billed monthly. The lease expiry date was in 2095. Having 69 years remaining we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including fees.
Mr and Mrs. V Green purchased a basement flat in Diss in March 2003. We are asked if we could approximate the price could be to prolong the lease by an additional years. Identical homes in Diss with 100 year plus lease were in the region of £285,000. The average amount of ground rent was £55 invoiced quarterly. The lease ended on 10 June 2106. Taking into account 80 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of expenses.