There is no doubt about it a leasehold flat or house in Euston is a wasting asset as a result of the diminishing lease term. Where the residual term has, in excess of 100 years remaining then this decrease may be negligible that being said there will become a point in time when a lease has less than 80 years left 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 main reason why you should consider extending without delay. Many flat owners in Euston will qualify for this right; however a conveyancing solicitor will be able to advise whether you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.
It is generally considered that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Chelsea Building Society | |
| Leeds Building Society | |
| National Westminster Bank | |
| Yorkshire Building Society |
Lease extensions in Euston can be a difficult process. We recommend you secure professional help from a lawyer 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 procuring Euston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Gabriel was the the leasehold owner of a conversion apartment in Euston being sold with a lease of just over sixty years remaining. Gabriel on an informal basis approached his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £200 annually. Ordinarily, ground rent would not be payable on a lease extension were Gabriel to invoke his statutory right. Gabriel procured expert advice and secured an acceptable deal informally and ending up with a market value flat.
In 2010 we were approached by Mr A Hall who, having took over the lease of a garden apartment in Euston in April 1995. The question was if we could estimate the price would be for a ninety year extension to my lease. Comparative homes in Euston with an extended lease were valued around £246,800. The mid-range amount of ground rent was £60 billed monthly. The lease ended on 14 February 2076. Given that there were 50 years left we estimated the premium to the landlord for the lease extension to be between £44,700 and £51,600 plus fees.
Last November we were called by Ms Ellen Cook , who bought a newly refurbished flat in Euston in April 1999. The dilemma was if we could shed any light on how much (roughly) price would be to prolong the lease by an additional years. Identical premises in Euston with a long lease were in the region of £208,200. The average ground rent payable was £65 billed yearly. The lease end date was on 28 January 2087. Taking into account 61 years remaining we estimated the premium to the landlord for the lease extension to be between £20,000 and £23,000 not including fees.