East Riding Villages leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying East Riding Villages residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in East Riding Villages you really ought to check if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value
It is generally considered that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| Halifax | |
| Santander |
Regardless of whether you are a tenant or a freeholder in East Riding Villages,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with East Riding Villages valuers.
In 2014 Caleb, started to get near to the 80-year mark with the lease on his leasehold flat in East Riding Villages. In buying his property two decades ago, the lease term was of no concern. As luck would have it, it dawned on him that he would imminently be paying an escalated premium for a lease extension. Caleb arranged for a lease extension at the eleventh hour in May. Caleb and the freeholder via the managing agents in the end settled on a premium of £5,500 . If he failed to meet the deadline, the amount would have gone up by a minimum £1,100.
Mr Joshua Baker acquired a ground floor apartment in East Riding Villages in May 2011. We are asked if we could approximate the premium would likely be to extend the lease by a further 90 years. Identical flats in East Riding Villages with a long lease were valued about £201,200. The mid-range amount of ground rent was £55 invoiced yearly. The lease ran out on 20 March 2082. Taking into account 56 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 exclusive of costs.
Last June we were e-mailed by Mr and Mrs. L Edwards , who acquired a one bedroom apartment in East Riding Villages in May 2004. The dilemma was if we could estimate the price could be to extend the lease by ninety years. Comparable homes in East Riding Villages with an extended lease were in the region of £300,000. The mid-range ground rent payable was £50 collected per annum. The lease ended on 19 September 2102. Having 76 years as a residual term we calculated the premium to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of expenses.