As the the remaining lease term of a Great Baddow domestic lease diminished so does its value and therefore the value of your property. If the lease has, more than 125 years remaining then this decrease may be fractional however there will become a stage when a lease has under than 80 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 primary rational as to why you should consider extending sooner as opposed to later. Many flat owners in Great Baddow will qualify for this right; however a conveyancer will be able to confirm if you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold properties in Great Baddow with over 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| The Mortgage Works |
Irrespective of whether you are a tenant or a landlord in Great Baddow,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Great Baddow valuers.
Off the back of lengthy negotiations with the landlord of her garden apartment in Great Baddow, Jasmine started the lease extension process as the 80 year deadline was fast approaching. The transaction was finalised in June 2009. The landlord’s costs were restricted to about 500 pounds.
Last Spring we were e-mailed by Mr Owen Michel , who owned a one bedroom flat in Great Baddow in June 1998. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparative flats in Great Baddow with 100 year plus lease were in the region of £218,000. The average amount of ground rent was £45 invoiced per annum. The lease expired in 2089. Given that there were 63 years left we calculated the premium to the freeholder to extend the lease to be within £17,100 and £19,800 not including costs.
Mr and Mrs. E Bennett was assigned a lease of a basement apartment in Great Baddow in October 2009. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Comparable residencies in Great Baddow with an extended lease were valued about £265,000. The average amount of ground rent was £55 collected per annum. The lease expired in 2100. Having 74 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.