Longfield leases on domestic deteriorating in value. if your lease has in the region of ninety years unexpired, you should start considering the need for a lease extension. If lease term falls under 80 years, you will then be required to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Longfield will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to confirm if you qualify. In certain cases you may not be entitled. There are also strict timetables and procedures to comply with once the process has commenced so it’s sensible to be guided by a lawyer during the process.
Leasehold properties in Longfield with over one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| The Mortgage Works |
The conveyancing solicitors that we work with procure Longfield lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
After lengthy correspondence with the landlord of her ground floor apartment in Longfield, Olivia commenced the lease extension process just as the lease was approaching the critical 80-year mark. The legal work completed in October 2009. The freeholder’s costs were kept to an absolute minimum.
Last month we were approach by Mr and Mrs. M Miller , who was assigned a lease of a basement flat in Longfield in March 2009. The dilemma was if we could estimate the premium could be for a 90 year extension to my lease. Comparative premises in Longfield with a long lease were valued around £255,000. The mid-range amount of ground rent was £50 invoiced annually. The lease concluded on 9 February 2097. Given that there were 71 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including expenses.
In 2013 we were phoned by Mr and Mrs. O Allen who, having completed a studio flat in Longfield in June 2004. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year extension to my lease. Identical homes in Longfield with a long lease were valued about £254,200. The average amount of ground rent was £60 invoiced every twelve months. The lease elapsed on 5 August 2077. Having 51 years outstanding we estimated the premium to the freeholder to extend the lease to be within £43,700 and £50,600 not including fees.