Martlesham Heath leases on domestic deteriorating in value. if your lease has in the region of ninety years remaining, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for a lease extension to be in place before the term of the existing lease falls below 80 years - otherwise a higher premium will be due. Flat owners in Martlesham Heath will mostly qualify for a lease extension; however It would be wise to check with a lawyer to confirm if you qualify. In some circumstances you may not qualify. There are also strict timetables and formalities to follow once the process has started so it’s best to be guided by a conveyancing solicitor during the process.
It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Martlesham Heath 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 dealing with Martlesham Heath lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Lewis, came seriously close to the 80-year threshold with the lease on his basement flat in Martlesham Heath. Having bought his property two decades ago, the lease term was of minimal concern. As luck would have it, it dawned on him that he would soon be paying way over the odds for a lease extension. Lewis extended the lease at the eleventh hour in May. Lewis and the freeholder ultimately agreed on sum of £5,000 . If he failed to meet the deadline, the premium would have gone up by at least £1,050.
Dr A Bonnet completed a garden flat in Martlesham Heath in March 1996. The dilemma was if we could approximate the price would likely be to prolong the lease by 90 years. Comparative homes in Martlesham Heath with a long lease were valued around £166,400. The average ground rent payable was £60 billed every twelve months. The lease concluded in 2079. Given that there were 54 years remaining we approximated the compensation to the freeholder to extend the lease to be within £32,300 and £37,400 not including professional charges.
Ms O Brooks purchased a garden flat in Martlesham Heath in February 2012. The dilemma was if we could shed any light on how much (approximately) price would be for a 90 year extension to my lease. Comparative flats in Martlesham Heath with a long lease were in the region of £227,800. The average amount of ground rent was £45 billed quarterly. The lease termination date was in 2090. Having 65 years remaining we estimated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of fees.