Longhope leases on residential deteriorating in value. if your lease has approximately ninety years remaining, you should start thinking about a lease extension. If lease term falls under 80 years, you will then have to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Longhope will usually qualify for a lease extension; however It would be wise to check with a lawyer to check if you qualify. In some situations you may not be entitled. There are prescribed timetables and formalities to follow once the process has started so it’s prudent to be guided by a lawyer during the process.
It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| The Mortgage Works | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a freeholder in Longhope,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Longhope valuers.
Two years ago Finley, started to get near to the 80-year threshold with the lease on his purpose- built flat in Longhope. Having purchased his flat 19 years previously, the lease term was of minimal significance. Luckily, it dawned on him that he needed to take steps soon on a lease extension. Finley extended the lease at the eleventh hour in June. Finley and the landlord who owned the flat above ultimately agreed on sum of £5,000 . If the lease had dipped lower than 80 years, the price would have increased by at least £1,000.
Dr Theo James owned a studio apartment in Longhope in January 2011. We are asked if we could estimate the price could be to extend the lease by ninety years. Similar homes in Longhope with a long lease were in the region of £223,400. The mid-range amount of ground rent was £60 collected monthly. The lease lapsed in 2085. Having 59 years as a residual term we calculated the premium to the landlord to extend the lease to be between £27,600 and £31,800 exclusive of costs.
In 2013 we were approached by Mr and Mrs. N Young who, having moved into a recently refurbished apartment in Longhope in February 2003. The dilemma was if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable flats in Longhope with an extended lease were in the region of £205,000. The average amount of ground rent was £50 collected annually. The lease expired on 3 January 2105. Having 79 years remaining we approximated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of expenses.