As the the remaining lease term of a Market Rasen domestic lease lessens so does its value and therefore the value of your property. If the residual term has, more than 99 years to run then this decrease may be fractional however there will become a stage when a lease has less than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary reason why you should consider extending without delay. Many flat owners in Market Rasen will meet the qualifying criteria; however a lawyer can advise whether you qualify to extend your lease. 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 considered that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| National Westminster Bank | |
| Virgin |
Lease extensions in Market Rasen can be a difficult process. We recommend you obtain professional help 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 a wealth of experience procuring Market Rasen lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Lucas was the the leasehold proprietor of a high value apartment in Market Rasen being sold with a lease of fraction over sixty years remaining. Lucas on an informal basis approached his landlord a well known London-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £100 yearly. Ordinarily, ground rent would not be payable on a lease extension were Lucas to invoke his statutory right. Lucas obtained expert legal guidance and secured satisfactory resolution without going to tribunal and readily saleable.
In 2009 we were e-mailed by Mr and Mrs. I Wright who, having completed a basement flat in Market Rasen in May 2002. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparable residencies in Market Rasen with 100 year plus lease were worth £264,000. The mid-range amount of ground rent was £60 billed per annum. The lease ended in 2079. Having 53 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £37,100 and £42,800 exclusive of legals.
In 2014 we were phoned by Mr and Mrs. F López who, having purchased a garden apartment in Market Rasen in July 1998. The question was if we could approximate the compensation to the landlord could be for a 90 year lease extension. Similar homes in Market Rasen with an extended lease were valued about £220,400. The average ground rent payable was £45 collected monthly. The lease ran out in 2090. Considering the 64 years outstanding we calculated the compensation to the landlord for the lease extension to be between £16,200 and £18,600 exclusive of legals.