Long Ashton leases on domestic deteriorating in value. if your lease has approximately 90 years unexpired, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease dips below this level then you begin paying an additional element called marriage value. Flat owners in Long Ashton will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancer to check if you qualify. In certain situations you may not be entitled. There are also strict deadlines and procedures to comply with once the process is initiated so it’s wise to be guided by a lawyer during the process.
It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Long Ashton can be a difficult process. We recommend you get professional help from a lawyer and surveyor with experience in lease extensions.
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 Long Ashton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Finley was the the leasehold owner of a high value flat in Long Ashton on the market with a lease of just over 72 years unexpired. Finley on an informal basis approached his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £50 annually. No ground rent would be due on a lease extension were Finley to exercise his statutory right. Finley obtained expert advice and secured an acceptable resolution without resorting to tribunal and ending up with a market value flat.
In 2013 we were approached by Mr and Mrs. D Moreau who, having acquired a ground floor apartment in Long Ashton in November 2011. The dilemma was if we could approximate the premium could be to prolong the lease by a further 90 years. Identical premises in Long Ashton with 100 year plus lease were worth £250,000. The average amount of ground rent was £50 collected annually. The lease expired in 2093. Given that there were 68 years unexpired we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of costs.
Mr and Mrs. V Bailey bought a one bedroom apartment in Long Ashton in June 2006. The dilemma was if we could shed any light on how much (approximately) price could be to prolong the lease by a further 90 years. Similar premises in Long Ashton with 100 year plus lease were in the region of £285,000. The mid-range amount of ground rent was £55 invoiced quarterly. The lease expired on 15 May 2104. Having 79 years remaining we calculated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 not including expenses.