Henley On Thames leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Henley On Thames tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Henley On Thames you would be well advised to investigate if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value
It is generally considered that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Leeds Building Society | |
| Nationwide Building Society | |
| Santander | |
| Royal Bank of Scotland | |
| Virgin |
Lease extensions in Henley On Thames can be a difficult process. We recommend you procure professional help from a conveyancing solicitor 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 Henley On Thames lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Jason, came seriously near to the 80-year mark with the lease on his ground floor apartment in Henley On Thames. In buying his home twenty years previously, the unexpired term was of little importance. Thankfully, he became aware that he would soon be paying way over the odds for Extending the lease. Jason extended the lease just under the wire in August. Jason and the freeholder via the managing agents ultimately agreed on sum of £6,000 . If he failed to meet the deadline, the price would have escalated by at least £1,075.
In 2010 we were approached by Mrs J Hall who, having took over the lease of a newly refurbished flat in Henley On Thames in January 2009. The question was if we could estimate the price could be to prolong the lease by an additional years. Identical properties in Henley On Thames with 100 year plus lease were worth £280,000. The average ground rent payable was £45 billed monthly. The lease finished on 3 July 2096. Having 70 years as a residual term we calculated the premium to the landlord to extend the lease to be between £12,400 and £14,200 not including costs.
In 2012 we were contacted by Mr E Pérez who, having moved into a purpose-built apartment in Henley On Thames in April 1996. The dilemma was if we could shed any light on how much (approximately) premium would likely be to prolong the lease by ninety years. Comparative premises in Henley On Thames with a long lease were in the region of £223,400. The mid-range amount of ground rent was £60 invoiced per annum. The lease expired on 21 March 2085. Taking into account 59 years outstanding we calculated the compensation to the landlord for the lease extension to be between £27,600 and £31,800 not including professional charges.