There is no doubt about it a leasehold property in Finchampstead is a wasting asset as a result of the diminishing lease term. Where the lease has, more than 99 years remaining then this decrease may be negligible however there will become a stage when a lease has under than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should consider extending without delay. Many flat owners in Finchampstead will qualify for this right; however a conveyancer can advise if you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.
It is conventional wisdom 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 all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
Lease extensions in Finchampstead can be a difficult process. We recommend you procure guidance from a conveyancer 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 Finchampstead lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to protracted discussions with the landlord of her purpose-built apartment in Finchampstead, Laura initiated the lease extension process just as the lease was nearing the critical 80-year deadline. The legal work was concluded in May 2010. The freeholder’s fees were restricted to about 650 GBP.
In 2011 we were phoned by Ms Ellie Miller who, having completed a basement flat in Finchampstead in August 1996. The dilemma was if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Similar premises in Finchampstead with 100 year plus lease were worth £242,600. The mid-range ground rent payable was £45 collected annually. The lease ran out on 14 February 2093. Having 67 years remaining we estimated the premium to the landlord to extend the lease to be between £11,400 and £13,200 plus professional charges.
Last Christmas we were phoned by Ms Sarah Díaz , who owned a one bedroom flat in Finchampstead in April 1996. The question was if we could approximate the compensation to the landlord would be for a ninety year lease extension. Similar residencies in Finchampstead with 100 year plus lease were worth £280,000. The mid-range amount of ground rent was £55 billed annually. The lease concluded on 9 May 2104. Taking into account 78 years remaining we estimated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 not including fees.