Lyneham leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. It is the case that most Lyneham tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Lyneham you must investigate if your lease has between 70 and ninety years left. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value
Leasehold residencies in Lyneham with more than one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Godiva Mortgages | |
| Leeds Building Society | |
| National Westminster Bank | |
| TSB |
Lease extensions in Lyneham can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor 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 Lyneham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In recent months Max, started to get near to the eighty-year threshold with the lease on his one bedroom flat in Lyneham. Having bought his flat 19 years ago, the lease term was of minimal bearing. Luckily, it dawned on him that he would soon be paying way over the odds for a lease extension. Max extended the lease at the eleventh hour last September. Max and the freeholder via the management company ultimately settled on sum of £5,500 . If he had missed the deadline, the figure would have escalated by at least £1,150.
In 2010 we were e-mailed by Mr Andrew Collins who, having moved into a garden apartment in Lyneham in January 2006. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by a further 90 years. Identical premises in Lyneham with an extended lease were valued around £216,000. The mid-range amount of ground rent was £60 billed quarterly. The lease ran out in 2084. Having 58 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 not including expenses.
Dr Connor Robinson completed a garden flat in Lyneham in May 2001. The dilemma was if we could estimate the price could be to extend the lease by ninety years. Similar flats in Lyneham with an extended lease were worth £200,000. The mid-range amount of ground rent was £50 invoiced every twelve months. The lease expired on 3 July 2104. Taking into account 78 years outstanding we calculated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of fees.