Edingale leases on residential deteriorating in value. if your lease has in the region of ninety years remaining, you should start considering the need for a lease extension. If lease term is under eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Edingale will usually qualify for a lease extension; however It would be wise to check with a conveyancer to check your eligibility. In certain situations you may not be entitled. There are prescribed timetables and steps to follow once the process is triggered so it’s prudent to be guided by a conveyancer during the process.
It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| National Westminster Bank | |
| Santander | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a freeholder in Edingale,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Edingale valuers.
Toby was the the leasehold owner of a 2 bedroom flat in Edingale on the market with a lease of fraction over 59 years remaining. Toby informally contacted his freeholder 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. Ordinarily, ground rent would not be payable on a lease extension were Toby to invoke his statutory right. Toby obtained expert legal guidance and secured an acceptable deal without going to tribunal and ending up with a market value flat.
Mr and Mrs. L Cooper completed a one bedroom flat in Edingale in October 2004. The question was if we could estimate the price would likely be for a ninety year extension to my lease. Identical properties in Edingale with a long lease were valued about £210,600. The average ground rent payable was £45 invoiced monthly. The lease ran out on 7 November 2088. Given that there were 62 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £18,100 and £20,800 exclusive of fees.
Last Spring we were called by Mr and Mrs. E Norbert , who purchased a one bedroom flat in Edingale in July 2002. The dilemma was if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Similar residencies in Edingale with an extended lease were worth £260,000. The mid-range ground rent payable was £50 invoiced monthly. The lease lapsed in 2099. Having 73 years remaining we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including legals.