As the length of the unexpired term of a Lifton residential lease decreases so does its value and therefore the value of your property. Where the residual term has, more than one hundred years remaining then this decrease may be fractional nevertheless there will become a point in time when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main reason why you should extend the lease without delay. Many flat owners in Lifton will qualify for this right; however a conveyancing solicitor will be able to confirm if you qualify to extend your lease. 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.
Leasehold properties in Lifton with more than 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| National Westminster Bank | |
| Skipton Building Society | |
| TSB | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a landlord in Lifton,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Lifton valuers.
Liam owned a studio flat in Lifton on the market with a lease of fraction over 61 years left. Liam on an informal basis approached his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £200 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Liam to exercise his statutory right. Liam procured expert advice and was able to make a more informed decision and deal with the matter and readily saleable.
Last Summer we were e-mailed by Dr O Parker , who moved into a newly refurbished apartment in Lifton in July 1999. We are asked if we could approximate the premium would be for a ninety year extension to my lease. Comparable premises in Lifton with 100 year plus lease were valued around £280,000. The average ground rent payable was £55 billed monthly. The lease ran out in 2104. Given that there were 78 years remaining we estimated the premium to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of professional charges.
In 2009 we were contacted by Mr H Mason who, having completed a garden flat in Lifton in February 2005. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by 90 years. Similar premises in Lifton with 100 year plus lease were valued about £191,000. The mid-range amount of ground rent was £65 billed yearly. The lease came to a finish on 17 September 2084. Given that there were 58 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £23,800 and £27,400 plus fees.