The closer a domestic lease in Durrington nears to zero years unexpired, the more it reduces the value of the property. If the residual term has, in excess of 99 years to run then this decrease may be of little impact however there will become a point in time when a lease has less than eighty years unexpired 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. Many flat owners in Durrington will qualify for this right; that being said a conveyancing solicitor can advise whether you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
It is generally accepted that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Durrington can be a difficult process. We recommend you secure guidance from a lawyer 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 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.
During the course of the last few months Matthew, started to get near to the eighty-year threshold with the lease on his first floor flat in Durrington. Having bought his flat two decades ago, the unexpired term was of no significance. by good luck, he became aware that he would imminently be paying an inflated amount for Extending the lease. Matthew was able to extend his lease at the eleventh hour in August. Matthew and the freeholder via the managing agents eventually agreed on a premium of £5,000 . If he had missed the deadline, the sum would have become more costly by at least £900.
In 2011 we were contacted by Mr Rory Howard who, having purchased a one bedroom apartment in Durrington in May 2001. The question was if we could approximate the premium could be to prolong the lease by ninety years. Identical homes in Durrington with 100 year plus lease were in the region of £285,000. The average amount of ground rent was £45 invoiced yearly. The lease elapsed on 17 October 2097. Considering the 72 years remaining we approximated the premium to the landlord to extend the lease to be within £12,400 and £14,200 plus professional charges.
Mr and Mrs. E Lefèvre completed a purpose-built flat in Durrington in January 1998. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by a further 90 years. Comparative flats in Durrington with an extended lease were valued about £233,200. The mid-range ground rent payable was £60 billed yearly. The lease lapsed on 8 June 2086. Having 61 years unexpired we approximated the compensation to the landlord for the lease extension to be within £22,800 and £26,400 not including expenses.