As the length of the unexpired term of a Houghton Le Spring residential lease lessens so does its value and therefore the value of your property. If the residual term has, more than 125 years to run then this decrease may be fractional that being said there will become a stage when a lease has fewer than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary reason why you should consider extending sooner than later. The majority of flat owners in Houghton Le Spring will meet the qualifying criteria; however a conveyancer can advise whether you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
Leasehold premises in Houghton Le Spring with more than 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Halifax | |
| Nationwide Building Society | |
| TSB | |
| Yorkshire Building Society |
The conveyancing solicitors that we work with procure Houghton Le Spring 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 conveyancer we work with provide it.
Trailing protracted discussions with the landlord of her purpose-built flat in Houghton Le Spring, Daisy initiated the lease extension process just as her lease was nearing the critical eighty-year deadline. The lease extension was finalised in May 2013. The freeholder’s fees were restricted to approximately four hundred GBP.
Last month we were approach by Mr Henry Ali , who completed a purpose-built flat in Houghton Le Spring in October 2009. The dilemma was if we could estimate the price would be for a ninety year extension to my lease. Comparative flats in Houghton Le Spring with a long lease were in the region of £168,800. The mid-range amount of ground rent was £60 collected per annum. The lease ended on 7 May 2081. Having 55 years as a residual term we calculated the premium to the landlord to extend the lease to be within £31,400 and £36,200 not including costs.
Dr Isabelle Johnson owned a studio apartment in Houghton Le Spring in January 2005. The dilemma was if we could approximate the premium would be to extend the lease by ninety years. Identical homes in Houghton Le Spring with an extended lease were in the region of £235,200. The mid-range ground rent payable was £45 invoiced annually. The lease end date was on 11 January 2092. Taking into account 66 years left we estimated the premium to the landlord for the lease extension to be within £12,400 and £14,200 plus legals.