As the the remaining lease term of a Duston domestic lease diminished so does its value and therefore the value of your property. Where the lease has, beyond 100 years to run then this decrease may be fractional that being said there will become a point in time when a lease has less than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary reason why you should consider extending sooner than later. Most flat owners in Duston will meet the qualifying criteria; nevertheless a conveyancing solicitor should be able to advise if you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
It is generally considered that a property with in excess of one hundred years remaining is worth approximately 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 |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Chelsea Building Society | |
| Leeds Building Society | |
| Skipton Building Society |
Lease extensions in Duston can be a difficult process. We recommend you get professional help from a conveyancing solicitor 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 in-depth market knowledge dealing with Duston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After unsuccessful discussions with the freeholder of her first floor apartment in Duston, Amy commenced the lease extension process as the 80 year threshold was swiftly coming. The lease extension was concluded in November 2013. The landlord’s fees were negotiated to a tad over 650 GBP.
In 2011 we were phoned by Mrs Y Adams who, having acquired a garden apartment in Duston in May 2009. The dilemma was if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Comparable homes in Duston with 100 year plus lease were valued around £223,400. The mid-range ground rent payable was £60 collected per annum. The lease concluded on 6 May 2085. Given that there were 59 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £27,600 and £31,800 plus expenses.
Last Summer we were approach by Mr and Mrs. V Gray , who was assigned a lease of a ground floor apartment in Duston in March 1996. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Identical properties in Duston with 100 year plus lease were worth £205,000. The average ground rent payable was £50 billed annually. The lease ran out on 14 June 2105. Having 79 years unexpired we approximated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 plus costs.