Immingham leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. It is the case that most Immingham tenants have the right to extend their lease by an additional ninety years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Immingham you really ought to check if your lease has between seventy and ninety years left. There are good reasons why a Immingham flat owner with a lease having around 80 years left should take steps to ensure that a lease extension is actioned without delay
It is generally considered that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Nationwide Building Society |
Lease extensions in Immingham can be a difficult process. We recommend you obtain guidance 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 Immingham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
16 months ago Oscar, came dangerously close to the 80-year mark with the lease on his leasehold apartment in Immingham. In buying his property two decades ago, the unexpired term was of minimal bearing. Fortunately, he noticed he would imminently be paying an inflated amount for a lease extension. Oscar was able to extend his lease just under the wire in September. Oscar and the freeholder eventually settled on a premium of £5,000 . If the lease had dropped lower than eighty years, the figure would have increased by at least £1,150.
Last Summer we were phoned by Mr and Mrs. K Moreau , who owned a basement flat in Immingham in July 2010. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by ninety years. Similar flats in Immingham with a long lease were in the region of £183,600. The mid-range amount of ground rent was £65 billed every twelve months. The lease ran out on 27 April 2083. Having 57 years as a residual term we approximated the premium to the landlord to extend the lease to be between £28,500 and £33,000 exclusive of legals.
Last month we were called by Mr Elijah Howard , who was assigned a lease of a recently refurbished apartment in Immingham in July 2011. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Identical residencies in Immingham with an extended lease were worth £250,000. The average ground rent payable was £50 billed per annum. The lease ran out in 2094. Given that there were 68 years left we approximated the premium to the landlord for the lease extension to be within £10,500 and £12,000 exclusive of professional charges.