Droitwich leases on residential deteriorating in value. if your lease has in the region of ninety years left, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease dips below this level then you begin incurring an additional element called marriage value. Flat owners in Droitwich will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancer to confirm your eligibility. In certain situations you may not be entitled. There are also strict timetables and procedures to comply with once the process is initiated so it’s prudent to be guided by a lawyer during the process.
Leasehold premises in Droitwich with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value 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 merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Santander | |
| The Mortgage Works | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a freeholder in Droitwich,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Droitwich valuers.
Last October Archie, came critically near to the eighty-year threshold with the lease on his first floor apartment in Droitwich. Having bought his flat twenty years ago, the lease term was of little concern. Luckily, it dawned on him that he needed to take action soon on a lease extension. Archie was able to extend his lease just under the wire in September. Archie and the freeholder via the managing agents eventually settled on an amount of £6,000 . If he failed to meet the deadline, the amount would have gone up by at least £850.
In 2014 we were e-mailed by Mr and Mrs. W Stewart who, having took over the lease of a one bedroom flat in Droitwich in September 2009. The dilemma was if we could shed any light on how much (approximately) price would be to extend the lease by an additional years. Identical homes in Droitwich with 100 year plus lease were in the region of £275,000. The mid-range amount of ground rent was £55 invoiced quarterly. The lease came to a finish in 2102. Given that there were 76 years remaining we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of professional charges.
In 2014 we were approached by Mr V Clarke who, having bought a newly refurbished flat in Droitwich in November 2004. The dilemma was if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Comparative properties in Droitwich with a long lease were in the region of £176,200. The average ground rent payable was £65 invoiced per annum. The lease lapsed on 25 January 2082. Taking into account 56 years remaining we calculated the compensation to the freeholder for the lease extension to be within £29,500 and £34,000 not including expenses.