Greystones leases on domestic properties are gradually losing value. if your lease has approximately 90 years left, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease dips below this level then you start paying an additional element called marriage value. Leasehold owners in Greystones will usually be legally entitled to a lease extension; however a solicitor should be able confirm your eligibility. In some circumstances you may not qualify. There are also strict timetables and formalities to follow once the process is initiated so it’s best to be guided by a conveyancer during the process.
It is conventional wisdom that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Godiva Mortgages | |
| Skipton Building Society | |
| TSB | |
| Royal Bank of Scotland |
Lease extensions in Greystones can be a difficult process. We recommend you procure professional help from a conveyancer and valuer 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 a wealth of experience dealing with Greystones lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In recent months Jacob, came dangerously near to the 80-year threshold with the lease on his leasehold flat in Greystones. Having bought his home two decades ago, the unexpired term was of no importance. by good luck, he became aware that he needed to take action soon on Extending the lease. Jacob arranged for a lease extension just under the wire last September. Jacob and the landlord who owned the flat above subsequently agreed on a premium of £5,500 . If he failed to meet the deadline, the premium would have become more exhorbitant by a minimum £975.
Ms I Laurent acquired a studio apartment in Greystones in November 1996. We are asked if we could approximate the premium could be for a ninety year lease extension. Comparable residencies in Greystones with a long lease were worth £285,000. The mid-range amount of ground rent was £45 billed quarterly. The lease expired in 2097. Having 71 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 not including expenses.
Last Summer we were contacted by Mr and Mrs. M Moore , who moved into a recently refurbished apartment in Greystones in February 2003. The dilemma was if we could approximate the compensation to the landlord would likely be to prolong the lease by 90 years. Similar residencies in Greystones with an extended lease were worth £225,800. The mid-range amount of ground rent was £60 collected annually. The lease expired in 2086. Given that there were 60 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £25,700 and £29,600 plus expenses.