As the length of the unexpired term of a East Bergholt domestic lease lessens so does its value and therefore the value of your property. Where the lease has, over 99 years remaining then this decrease may be negligible however there will become a point in time when a lease has fewer than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main logic behind why you should consider extending without delay. Many flat owners in East Bergholt will qualify for this right; that being said a conveyancing solicitor should be able to advise if you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.
Leasehold residencies in East Bergholt with over one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| National Westminster Bank | |
| Santander | |
| The Mortgage Works | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a freeholder in East Bergholt,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with East Bergholt valuers.
Toby owned a conversion apartment in East Bergholt on the market with a lease of just over 59 years unexpired. Toby on an informal basis contacted his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £200 yearly. No ground rent would be due on a lease extension were Toby to exercise his statutory right. Toby obtained expert legal guidance and was able to make a more informed decision and deal with the matter and ending up with a market value flat.
Last month we were phoned by Mr and Mrs. C Hall , who acquired a one bedroom apartment in East Bergholt in August 2007. The dilemma was if we could approximate the premium could be for a ninety year extension to my lease. Similar premises in East Bergholt with an extended lease were valued around £218,000. The mid-range amount of ground rent was £45 collected yearly. The lease elapsed on 8 March 2089. Given that there were 63 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £17,100 and £19,800 not including professional charges.
In 2009 we were e-mailed by Mr and Mrs. C Peterson who, having acquired a basement apartment in East Bergholt in May 2002. The dilemma was if we could approximate the compensation to the landlord could be to extend the lease by a further 90 years. Similar homes in East Bergholt with 100 year plus lease were valued around £265,000. The mid-range ground rent payable was £50 collected every twelve months. The lease ran out in 2100. Having 74 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of costs.