The value of Houghton Regis leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate substantially once the remaining term is less than eighty years
Leasehold residencies in Houghton Regis with in excess of 100 years unexpired on the lease are sometimes referred to as ‘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 purchasing the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Houghton Regis can be a difficult process. We recommend you procure professional help from a lawyer 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 procuring Houghton Regis lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 6 months of protracted negotiations with the freeholder of her basement flat in Houghton Regis, Ashleigh initiated the lease extension process as the eighty year mark was rapidly coming. The transaction completed in March 2015. The landlord’s charges were negotiated to approximately 650 GBP.
Last May we were e-mailed by Dr Kate Michel , who was assigned a lease of a studio apartment in Houghton Regis in June 2004. The question was if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparative premises in Houghton Regis with a long lease were worth £213,600. The mid-range amount of ground rent was £60 collected annually. The lease lapsed on 23 November 2082. Given that there were 57 years unexpired we estimated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 not including fees.
In 2010 we were approached by Ms Abbie Martínez who, having bought a garden flat in Houghton Regis in February 1998. We are asked if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Similar homes in Houghton Regis with an extended lease were in the region of £200,000. The mid-range ground rent payable was £50 billed quarterly. The lease expired on 3 July 2102. Given that there were 77 years left we approximated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 plus expenses.