Unfortunately that a Great Baddow 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 deflation being disguised by increases in the Great Baddow property market.Where your lease has approximately 90 years left, you should start thinking about a lease extension. If lease term slips under 80 years, you will end up paying half of the property's 'marriage value' on top of 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 leasehold owners in Great Baddow will be able to extend under the legislation; however a conveyancer will be able to confirm if you qualify for an extension. In some cases you may not qualify. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancing solicitor from beginning to end of the process.
Leasehold premises in Great Baddow with in excess of 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Godiva Mortgages | |
| TSB | |
| Virgin | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a freeholder in Great Baddow,the lease extension experts that we work with will always be willing 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.
In the wake of eight months of lengthy discussions with the landlord of her two bedroom apartment in Great Baddow, Ella commenced the lease extension process as the 80 year mark was quickly approaching. The transaction was finalised in November 2014. The landlord’s charges were kept to an absolute minimum.
Mr O Lee purchased a first floor apartment in Great Baddow in June 2010. The question was if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Similar homes in Great Baddow with 100 year plus lease were worth £173,800. The mid-range amount of ground rent was £60 collected monthly. The lease terminated in 2081. Taking into account 55 years unexpired we approximated the premium to the landlord for the lease extension to be between £31,400 and £36,200 plus legals.
Last Summer we were e-mailed by Dr Harrison White , who moved into a basement apartment in Great Baddow in January 1999. We are asked if we could shed any light on how much (approximately) price would be to prolong the lease by an additional years. Identical residencies in Great Baddow with 100 year plus lease were worth £235,200. The average amount of ground rent was £45 invoiced monthly. The lease finished on 21 November 2092. Having 66 years left we approximated the premium to the landlord to extend the lease to be within £12,400 and £14,200 plus legals.