Lakenheath leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Most owners of residential leasehold property in Lakenheath enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Lakenheath you really ought to check if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value
It is conventional wisdom that a property with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Lakenheath can be a difficult process. We recommend you obtain guidance from a lawyer and valuer with experience in lease extensions.
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 dealing with Lakenheath lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
14 months ago Oliver, started to get close to the 80-year threshold with the lease on his first floor apartment in Lakenheath. In buying his home 18 years previously, the lease term was of no significance. Thankfully, he noticed he would soon be paying an escalated premium for Extending the lease. Oliver extended the lease just in the nick of time last March. Oliver and the landlord eventually settled on sum of £5,500 . If he not met the deadline, the amount would have increased by at least £1,025.
In 2010 we were e-mailed by Mr and Mrs. W King who, having owned a basement apartment in Lakenheath in March 2011. The dilemma was if we could approximate the compensation to the landlord would be to prolong the lease by a further 90 years. Comparable homes in Lakenheath with 100 year plus lease were in the region of £255,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease terminated on 6 January 2095. Considering the 70 years outstanding we calculated the premium to the freeholder to extend the lease to be within £10,500 and £12,000 not including legals.
Mrs Courtney Bernard took over the lease of a studio flat in Lakenheath in March 2010. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Comparable properties in Lakenheath with 100 year plus lease were valued around £246,800. The mid-range amount of ground rent was £60 collected yearly. The lease terminated on 6 May 2075. Given that there were 50 years left we approximated the premium to the freeholder for the lease extension to be between £44,700 and £51,600 not including professional charges.