The closer a residential lease in Market Drayton gets to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, more than 99 years to run then this decrease may be negligible that being said there will become a stage when a lease has less than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should consider extending without delay. Many flat owners in Market Drayton will qualify for this right; however a conveyancer will be able to confirm if you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.
It is generally accepted that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Nationwide Building Society | |
| Santander | |
| The Mortgage Works |
Lease extensions in Market Drayton can be a difficult process. We recommend you procure guidance from a conveyancer 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 Market Drayton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago James, started to get close to the 80-year mark with the lease on his two bedroom flat in Market Drayton. Having bought his flat 18 years ago, the length of the lease was of little concern. by good luck, it dawned on him that he would imminently be paying an escalated premium for a lease extension. James extended the lease at the eleventh hour in May. James and the landlord in the end agreed on a premium of £6,000 . If he not met the deadline, the figure would have gone up by at least £925.
Last Autumn we were approach by Ms W Moreau , who purchased a ground floor apartment in Market Drayton in July 2004. We are asked if we could shed any light on how much (approximately) premium would be to prolong the lease by 90 years. Comparable properties in Market Drayton with an extended lease were worth £300,000. The average ground rent payable was £50 billed every twelve months. The lease ran out in 2102. Given that there were 76 years outstanding we approximated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of expenses.
Last year we were contacted by Mrs F Dupont , who completed a one bedroom flat in Market Drayton in January 2010. We are asked if we could approximate the price would be to extend the lease by an additional years. Identical flats in Market Drayton with an extended lease were valued around £257,800. The average ground rent payable was £65 billed per annum. The lease finished on 25 April 2091. Taking into account 65 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £18,100 and £20,800 exclusive of professional charges.