With a residential leasehold property in Long Buckby, you are actually purchasing an entitlement to reside in a property for a set period of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you should think about a lease extension sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive especially once there are fewer than 80 years remaining. Anyone in Long Buckby with a lease approaching 81 years unexpired should seriously consider extending it without delay. When the lease term has below 80 years outstanding, under the relevant statute the landlord can calculate and levy a larger premium, based on a technical calculation, known as “marriage value” which is payable.
Leasehold properties in Long Buckby with over 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| Skipton Building Society | |
| The Mortgage Works | |
| Virgin |
Lease extensions in Long Buckby can be a difficult process. We recommend you procure professional help from a lawyer and valuer 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 dealing with Long Buckby lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Liam, came seriously near to the 80-year threshold with the lease on his basement apartment in Long Buckby. In buying his home two decades ago, the lease term was of little bearing. Fortunately, he realised he needed to take action soon on Extending the lease. Liam extended the lease just under the wire last June. Liam and the freeholder subsequently agreed on a premium of £5,500 . If the lease had dropped lower than 80 years, the price would have increased by a minimum £1,050.
Last April we were e-mailed by Mr and Mrs. B Lefebvre , who owned a ground floor apartment in Long Buckby in April 1998. The dilemma was if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Comparable premises in Long Buckby with 100 year plus lease were worth £245,000. The average ground rent payable was £50 billed quarterly. The lease concluded in 2094. Taking into account 68 years left we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including fees.
Last June we were approach by Dr Katherine Phillips , who acquired a one bedroom flat in Long Buckby in February 2008. We are asked if we could approximate the premium could be for a 90 year lease extension. Comparative properties in Long Buckby with an extended lease were worth £285,000. The average amount of ground rent was £55 collected per annum. The lease expired in 2105. Given that there were 79 years unexpired we estimated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 not including legals.