Leyburn leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Most owners of residential leasehold property in Leyburn enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Leyburn you would be well advised to check if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under eighty years, the cost of any lease extension increases dramatically as an element of the premium you pay 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 same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Chelsea Building Society | |
| National Westminster Bank | |
| The Mortgage Works |
Regardless of whether you are a tenant or a landlord in Leyburn,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Leyburn valuers.
Trailing protracted negotiations with the freeholder of her one bedroom apartment in Leyburn, Rosie started the lease extension process as the eighty year deadline was swiftly approaching. The legal work was finalised in September 2007. The freeholder’s fees were restricted to about 450 pounds.
Mrs S Peterson completed a one bedroom apartment in Leyburn in August 1995. We are asked if we could estimate the price would likely be for a 90 year extension to my lease. Comparable flats in Leyburn with 100 year plus lease were valued about £208,600. The mid-range ground rent payable was £60 billed yearly. The lease lapsed in 2083. Taking into account 57 years outstanding we calculated the premium to the freeholder for the lease extension to be between £30,400 and £35,200 exclusive of legals.
Last year we were phoned by Mr and Mrs. D Hernández , who was assigned a lease of a ground floor apartment in Leyburn in March 2003. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Comparative properties in Leyburn with 100 year plus lease were in the region of £200,000. The average amount of ground rent was £50 collected monthly. The lease ran out on 18 November 2103. Taking into account 77 years outstanding we calculated the premium to the landlord for the lease extension to be between £8,600 and £9,800 not including costs.