Lanchester 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 Lanchester enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Lanchester you should investigate if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under eighty years, the cost of any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value
It is conventional wisdom that a property with over 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Coventry Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Santander |
Lease extensions in Lanchester can be a difficult process. We recommend you secure guidance from a conveyancer 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 a wealth of experience dealing with Lanchester lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Owen owned a 2 bedroom flat in Lanchester on the market with a lease of a few days over 72 years unexpired. Owen informally approached his landlord a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £100 annually. No ground rent would be due on a lease extension were Owen to exercise his statutory right. Owen obtained expert advice and secured satisfactory resolution without resorting to tribunal and readily saleable.
Dr Aaron Kelly bought a purpose-built flat in Lanchester in February 1998. We are asked if we could approximate the price could be for a ninety year extension to my lease. Identical flats in Lanchester with a long lease were in the region of £245,000. The mid-range amount of ground rent was £50 invoiced annually. The lease end date was in 2094. Considering the 68 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of expenses.
In 2011 we were contacted by Mr and Mrs. W Carter who, having was assigned a lease of a basement apartment in Lanchester in September 2002. The dilemma was if we could shed any light on how much (roughly) premium would likely be to extend the lease by a further 90 years. Comparable premises in Lanchester with an extended lease were in the region of £285,000. The mid-range ground rent payable was £55 invoiced per annum. The lease concluded on 4 September 2105. Considering the 79 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of fees.