Lakenheath leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Lakenheath tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Lakenheath you should see if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value
It is generally considered that a property with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Leeds Building Society | |
| National Westminster Bank | |
| Royal Bank of Scotland |
Lease extensions in Lakenheath can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 procuring Lakenheath lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of lengthy discussions with the freeholder of her studio apartment in Lakenheath, Abigail initiated the lease extension process just as her lease was approaching the critical 80-year deadline. The lease extension was finalised in January 2012. The landlord’s costs were negotiated to approximately 600 pounds.
Ms Georgia Rose moved into a purpose-built apartment in Lakenheath in March 1996. We are asked if we could estimate the price would likely be to prolong the lease by 90 years. Identical residencies in Lakenheath with an extended lease were in the region of £200,800. The average amount of ground rent was £65 invoiced quarterly. The lease terminated on 25 February 2086. Given that there were 60 years outstanding we calculated the compensation to the landlord for the lease extension to be between £20,900 and £24,200 exclusive of expenses.
In 2010 we were phoned by Ms Katherine Martinez who, having took over the lease of a basement apartment in Lakenheath in November 2005. The question was if we could shed any light on how much (roughly) price could be to extend the lease by 90 years. Identical homes in Lakenheath with 100 year plus lease were worth £255,000. The average amount of ground rent was £50 collected quarterly. The lease concluded in 2097. Having 71 years remaining we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including professional charges.