There is no doubt about it a leasehold property in Lingfield is a wasting asset as a result of the diminishing lease term. If the residual term has, beyond one hundred years to run then this decrease may be of little impact however there will become a stage when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary rational as to why you should extend the lease without delay. The majority of flat owners in Lingfield will meet the qualifying criteria; that being said a conveyancing solicitor should 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 owned the property for under two years.
It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Godiva Mortgages | |
| Halifax | |
| Nationwide Building Society | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a freeholder in Lingfield,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Lingfield valuers.
Kyle was the the leasehold owner of a studio flat in Lingfield on the market with a lease of a little over 61 years remaining. Kyle informally approached his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 yearly. No ground rent would be due on a lease extension were Kyle to exercise his statutory right. Kyle obtained expert legal guidance and secured satisfactory resolution informally and ending up with a market value flat.
Dr Alfie Morris owned a newly refurbished flat in Lingfield in April 2005. The question was if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparable residencies in Lingfield with an extended lease were worth £208,200. The average ground rent payable was £65 collected per annum. The lease elapsed in 2087. Considering the 61 years left we calculated the premium to the landlord to extend the lease to be between £20,000 and £23,000 not including legals.
Last Spring we were approach by Mrs F Michel , who was assigned a lease of a one bedroom flat in Lingfield in November 2004. We are asked if we could approximate the premium would be to prolong the lease by an additional years. Identical flats in Lingfield with an extended lease were in the region of £260,000. The average amount of ground rent was £50 collected every twelve months. The lease terminated on 27 November 2098. Considering the 72 years outstanding we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of expenses.