Unfortunately that a Evesham residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the early years due to the reduction being disguised by increases in the Evesham property prices.Once your lease gets to 85ish years, you need to start thinking about a lease extension. If the number of years remaining falls below 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 the landlord. The marriage fee is the amount of extra value that a lease extension will add the property The majority of flat owners in Evesham will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm whether you are eligibility. In some situations you may not be entitled. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your lawyer for the duration of the process.
Leasehold properties in Evesham with over one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| National Westminster Bank | |
| TSB | |
| The Mortgage Works |
Lease extensions in Evesham can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor 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 a wealth of experience procuring Evesham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Luke owned a conversion apartment in Evesham being marketed with a lease of fraction over 72 years outstanding. Luke on an informal basis spoke with his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £125 annually. No ground rent would be payable on a lease extension were Luke to exercise his statutory right. Luke obtained expert advice and was able to make a more informed judgement and handle with the matter and sell the flat.
Last year we were e-mailed by Mr and Mrs. V Torres , who purchased a one bedroom apartment in Evesham in July 1997. The dilemma was if we could estimate the price would be for a ninety year extension to my lease. Identical properties in Evesham with an extended lease were in the region of £290,000. The average ground rent payable was £45 billed every twelve months. The lease elapsed in 2099. Taking into account 73 years left we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including expenses.
Dr Kirsty Cook moved into a studio flat in Evesham in January 2011. We are asked if we could approximate the compensation to the landlord could be to extend the lease by a further 90 years. Similar flats in Evesham with 100 year plus lease were in the region of £240,600. The average amount of ground rent was £65 collected per annum. The lease terminated in 2088. Considering the 62 years unexpired we approximated the premium to the landlord for the lease extension to be between £21,900 and £25,200 not including expenses.