Duxford leases on domestic deteriorating in value. if your lease has in the region of 90 years remaining, you should start thinking about a lease extension. An important point to note is that it is desirable for the lease extension to take place before the term of the existing lease falls below eighty years - otherwise a higher amount will be due. Flat owners in Duxford will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to check if you qualify. In some circumstances you may not qualify. There are also strict timetables and steps to follow once the process is triggered so it’s wise to be guided by a conveyancer during the process.
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| Royal Bank of Scotland | |
| Virgin |
Lease extensions in Duxford can be a difficult process. We recommend you secure guidance from a conveyancer 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 in-depth market knowledge dealing with Duxford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Lewis, came precariously near to the 80-year mark with the lease on his basement flat in Duxford. In buying his home two decades ago, the lease term was of minimal importance. As luck would have it, it dawned on him that he needed to take action soon on Extending the lease. Lewis arranged for a lease extension at the eleventh hour last August. Lewis and the landlord who owned the flat above in the end settled on a premium of £5,500 . If he not met the deadline, the premium would have increased by at least £950.
In 2010 we were phoned by Dr Joshua Jackson who, having completed a one bedroom flat in Duxford in September 1997. We are asked if we could estimate the premium could be to extend the lease by an additional years. Comparative properties in Duxford with a long lease were in the region of £275,000. The mid-range ground rent payable was £55 invoiced yearly. The lease concluded on 7 February 2102. Taking into account 76 years outstanding we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of legals.
Dr S François purchased a studio apartment in Duxford in September 2007. The dilemma was if we could shed any light on how much (approximately) premium could be to extend the lease by an additional years. Similar homes in Duxford with 100 year plus lease were worth £176,200. The mid-range amount of ground rent was £65 billed yearly. The lease finished on 16 March 2082. Taking into account 56 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £29,500 and £34,000 plus professional charges.