There is no doubt about it a leasehold property in Freshford is a wasting asset as a result of the diminishing lease term. If the residual term has, more than one hundred years remaining then this decrease may be of little impact nevertheless there will become a point in time when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main logic behind why you should extend the lease without delay. The majority of flat owners in Freshford will meet the qualifying criteria; nevertheless a conveyancer will be able to confirm whether you qualify to extend your lease. 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 property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Leeds Building Society | |
| Skipton Building Society | |
| The Mortgage Works | |
| Virgin |
Lease extensions in Freshford can be a difficult process. We recommend you get guidance from a conveyancer and surveyor with experience in this area.
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 Freshford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Dexter, came seriously near to the eighty-year mark with the lease on his ground floor apartment in Freshford. In buying his home two decades ago, the lease term was of little interest. Luckily, he became aware that he needed to take action soon on a lease extension. Dexter extended the lease just ahead of time last September. Dexter and the freeholder via the management company in the end agreed on the final figure of £5,500 . If the lease had dropped to less than 80 years, the sum would have escalated by at least £1,150.
Last month we were phoned by Mr Daniel Morgan , who owned a garden apartment in Freshford in July 2004. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Similar flats in Freshford with an extended lease were in the region of £260,200. The mid-range ground rent payable was £65 collected every twelve months. The lease end date was in 2092. Given that there were 66 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £16,200 and £18,600 plus legals.
Dr Poppy Allen acquired a ground floor flat in Freshford in October 2011. We are asked if we could approximate the premium could be to prolong the lease by 90 years. Similar premises in Freshford with an extended lease were in the region of £198,800. The mid-range amount of ground rent was £55 billed quarterly. The lease ran out on 16 January 2081. Considering the 55 years outstanding we estimated the premium to the landlord to extend the lease to be within £33,300 and £38,400 exclusive of legals.