The closer a residential lease in Ingatestone nears to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, more than 125 years remaining then this decrease may be of little impact nevertheless there will become a stage when a lease has less than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary rational as to why you should consider extending without delay. Many flat owners in Ingatestone will meet the qualifying criteria; however a conveyancing solicitor can advise whether you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.
It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Leeds Building Society | |
| Skipton Building Society | |
| TSB | |
| The Mortgage Works |
Irrespective of whether you are a tenant or a landlord in Ingatestone,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Ingatestone valuers.
Ibrahim owned a conversion flat in Ingatestone on the market with a lease of a little over 61 years outstanding. Ibrahim on an informal basis contacted his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £50 per annum. Ordinarily, ground rent would not be due on a lease extension were Ibrahim to invoke his statutory right. Ibrahim procured expert legal guidance and was able to make a more informed decision and deal with the matter and sell the flat.
Dr H Hernández took over the lease of a first floor apartment in Ingatestone in November 1999. We are asked if we could estimate the premium could be for a 90 year extension to my lease. Comparative residencies in Ingatestone with a long lease were in the region of £193,400. The mid-range amount of ground rent was £65 invoiced annually. The lease finished on 15 May 2085. Given that there were 59 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £21,900 and £25,200 exclusive of costs.
In 2013 we were called by Mr George Gunderson who, having bought a first floor flat in Ingatestone in November 2000. The dilemma was if we could approximate the price would be for a ninety year lease extension. Similar residencies in Ingatestone with an extended lease were valued around £250,000. The average ground rent payable was £50 invoiced quarterly. The lease ran out in 2096. Given that there were 70 years remaining we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus legals.