There is no doubt about it a leasehold property in Ludgershall is a wasting asset as a result of the shortening lease. If the lease has, more than 99 years to run then this decrease may be fractional however there will become a stage when a lease has under than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should extend the lease without delay. Many flat owners in Ludgershall will qualify for this right; nevertheless a conveyancing solicitor should be able to advise if you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
It is generally accepted that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Ludgershall can be a difficult process. We recommend you procure guidance from a lawyer and valuer with experience in this area.
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 a wealth of experience procuring Ludgershall lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Ollie, started to get near to the 80-year mark with the lease on his one bedroom apartment in Ludgershall. Having purchased his home 19 years previously, the unexpired term was of no importance. Luckily, he realised he needed to take steps soon on Extending the lease. Ollie extended the lease just in the nick of time last July. Ollie and the landlord in the end agreed on a premium of £5,000 . If the lease had fallen to less than eighty years, the premium would have become more exhorbitant by at least £1,100.
Last Summer we were phoned by Mr and Mrs. R Brooks , who owned a ground floor apartment in Ludgershall in October 2005. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by an additional years. Comparable residencies in Ludgershall with an extended lease were in the region of £235,200. The average amount of ground rent was £45 invoiced per annum. The lease elapsed on 3 February 2091. Having 66 years remaining we estimated the premium to the landlord to extend the lease to be within £12,400 and £14,200 not including fees.
In 2012 we were approached by Dr Mason Bertrand who, having acquired a basement flat in Ludgershall in January 2008. The question was if we could shed any light on how much (roughly) premium would likely be to extend the lease by an additional years. Comparable properties in Ludgershall with an extended lease were worth £275,000. The mid-range ground rent payable was £55 billed yearly. The lease lapsed on 7 July 2102. Considering the 77 years unexpired we calculated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 plus fees.