Martlesham 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 your lease gets more expensive. Legislation has been in place for sometime now which permits qualifying Martlesham residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Martlesham you should investigate if your lease has between 70 and 90 years left. There are compelling reasons why a Martlesham flat owner with a lease having around 80 years left should take steps to make sure that a lease extension is actioned without delay
Leasehold premises in Martlesham with in excess of one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Leeds Building Society | |
| Skipton Building Society | |
| Royal Bank of Scotland |
Lease extensions in Martlesham can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor 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 Martlesham 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 Riley, started to get close to the eighty-year mark with the lease on his ground floor flat in Martlesham. Having purchased his property 18 years ago, the length of the lease was of no interest. by good luck, he became aware that he needed to take steps soon on a lease extension. Riley extended the lease just in the nick of time in April. Riley and the freeholder via the managing agents subsequently settled on an amount of £5,000 . If the lease had gone below eighty years, the amount would have gone up by at least £1,100.
Last Summer we were contacted by Mr S Martin , who acquired a one bedroom apartment in Martlesham in February 2004. We are asked if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Similar premises in Martlesham with 100 year plus lease were in the region of £171,800. The average amount of ground rent was £55 invoiced per annum. The lease terminated on 7 September 2076. Considering the 50 years left we estimated the premium to the landlord to extend the lease to be between £33,300 and £38,400 not including professional charges.
Last month we were contacted by Mr and Mrs. O Anderson , who purchased a purpose-built apartment in Martlesham in September 2009. We are asked if we could approximate the premium could be to extend the lease by an additional years. Similar homes in Martlesham with an extended lease were valued around £280,000. The mid-range ground rent payable was £45 invoiced yearly. The lease ran out in 2096. Having 70 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of fees.