Lakenheath leases on domestic deteriorating in value. Where your lease has about 90 years left, you should start thinking about a lease extension. If lease term is less than eighty years, you will then have to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Lakenheath will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancer to confirm if you qualify. In some cases you may not qualify. There are also strict deadlines and procedures to comply with once the process is triggered so it’s prudent to be guided by a conveyancer during the process.
It is generally considered that a property with in excess of 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 property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| 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 Lakenheath can be a difficult process. We recommend you secure professional help from a lawyer and surveyor 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 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.
In the wake of 6 months of lengthy negotiations with the freeholder of her leasehold apartment in Lakenheath, Louise started the lease extension process just as her lease was coming close to the critical 80-year deadline. The lease extension completed in October 2012. The freeholder’s costs were kept to an absolute minimum.
Last Summer we were approach by Dr B Khan , who moved into a ground floor apartment in Lakenheath in March 1996. We are asked if we could shed any light on how much (approximately) price would likely be to prolong the lease by ninety years. Identical flats in Lakenheath with 100 year plus lease were valued about £191,000. The mid-range amount of ground rent was £65 collected every twelve months. The lease ran out in 2083. Considering the 58 years remaining we estimated the compensation to the landlord to extend the lease to be within £23,800 and £27,400 plus professional charges.
In 2012 we were e-mailed by Dr N Lefebvre who, having bought a one bedroom apartment in Lakenheath in February 2012. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year lease extension. Identical flats in Lakenheath with an extended lease were worth £250,000. The average amount of ground rent was £50 invoiced quarterly. The lease lapsed on 2 June 2094. Given that there were 69 years left we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus costs.