Durrington leases on domestic properties are gradually losing value. Where your lease has approximately ninety years remaining, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease drops below this level then you start paying an additional element called marriage value. Leasehold owners in Durrington will usually qualify for a lease extension; however a solicitor will check your eligibility. In some situations you may not be entitled. There are prescribed timetables and procedures to comply with once the process is triggered so it’s prudent to be guided by a lawyer during the process.
Leasehold residencies in Durrington 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 premises. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Barnsley Building Society | |
| Godiva Mortgages | |
| Halifax |
Lease extensions in Durrington can be a difficult process. We recommend you get guidance from a lawyer and surveyor with experience in this area.
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 in-depth market knowledge dealing with Durrington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Teddy, started to get close to the eighty-year mark with the lease on his purpose- built flat in Durrington. In buying his flat two decades ago, the length of the lease was of minimal relevance. by good luck, he became aware that he needed to take action soon on a lease extension. Teddy extended the lease just in the nick of time last July. Teddy and the freeholder via the management company eventually settled on the final figure of £5,000 . If he failed to meet the deadline, the sum would have gone up by a minimum £900.
In 2012 we were phoned by Mr Oscar Ward who, having took over the lease of a one bedroom flat in Durrington in July 2012. We are asked if we could approximate the price would be to extend the lease by a further 90 years. Similar flats in Durrington with 100 year plus lease were in the region of £205,000. The average amount of ground rent was £50 collected annually. The lease terminated on 12 May 2105. Having 79 years left we calculated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 plus fees.
In 2010 we were approached by Dr N Lefèvre who, having took over the lease of a garden apartment in Durrington in August 2004. The dilemma was if we could estimate the compensation to the landlord would likely be to extend the lease by an additional years. Comparative homes in Durrington with an extended lease were valued around £275,000. The mid-range ground rent payable was £65 billed every twelve months. The lease came to a finish in 2094. Having 68 years left we estimated the premium to the landlord to extend the lease to be within £13,300 and £15,400 not including professional charges.