The nearer a residential lease in Harwich nears to zero years unexpired, the more it reduces the value of the property. Where the residual term has, more than 125 years to run then this decrease may be fractional nevertheless there will become a stage when a lease has under than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease without delay. Most flat owners in Harwich will meet the qualifying criteria; nevertheless a conveyancing solicitor can advise whether you are eligible for a lease extension. In limited situations you may not qualify, the most frequent 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 remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Leeds Building Society | |
| National Westminster Bank | |
| Skipton Building Society | |
| Virgin | |
| Yorkshire Building Society |
The lawyers that we work with handle Harwich lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
Trailing protracted negotiations with the freeholder of her ground floor flat in Harwich, Ella started the lease extension process just as the lease was approaching the all-important eighty-year mark. The transaction was concluded in January 2014. The freeholder’s charges were kept to an absolute minimum.
Mr Ollie Collins completed a one bedroom flat in Harwich in April 2010. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by 90 years. Identical flats in Harwich with 100 year plus lease were valued around £242,600. The mid-range ground rent payable was £45 invoiced annually. The lease elapsed on 14 March 2093. Given that there were 67 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £11,400 and £13,200 not including expenses.
In 2010 we were phoned by Mr and Mrs. P Girard who, having moved into a studio apartment in Harwich in November 1996. The question was if we could estimate the price would be to prolong the lease by ninety years. Comparative homes in Harwich with 100 year plus lease were valued about £280,000. The average amount of ground rent was £55 collected yearly. The lease ended on 8 July 2104. Having 78 years unexpired we calculated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of expenses.