As the length of the unexpired term of a Leek domestic lease diminished so does its value and therefore the value of your property. If the residual term has, beyond 125 years remaining then this decrease may be of little impact that being said there will become a stage when a lease has less than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main logic behind why you should extend the lease without delay. The majority of flat owners in Leek will qualify for this right; however a conveyancing solicitor should be able to confirm if you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is generally considered that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Coventry Building Society | |
| National Westminster Bank | |
| Royal Bank of Scotland |
Lease extensions in Leek can be a difficult process. We recommend you get guidance from a conveyancer and surveyor 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 Leek lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Ali owned a conversion flat in Leek being marketed with a lease of a few days over 72 years unexpired. Ali informally contacted his landlord being a well known local-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Ali to exercise his statutory right. Ali obtained expert legal guidance and secured satisfactory resolution without resorting to tribunal and sell the property.
Dr V Davis owned a garden flat in Leek in November 2005. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by 90 years. Comparable premises in Leek with an extended lease were valued about £193,400. The mid-range amount of ground rent was £65 billed per annum. The lease terminated in 2085. Considering the 59 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £21,900 and £25,200 exclusive of fees.
In 2011 we were phoned by Mr and Mrs. W Lee who, having purchased a basement apartment in Leek in August 1998. We are asked if we could estimate the price would likely be to extend the lease by a further 90 years. Similar premises in Leek with an extended lease were valued around £255,000. The average amount of ground rent was £50 collected annually. The lease expired on 1 May 2096. Having 70 years remaining we approximated the compensation to the landlord for the lease extension to be within £10,500 and £12,000 not including professional charges.