Martlesham leases on residential properties are gradually losing value. if your lease has approximately ninety years unexpired, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease dips below this level then you start paying an additional element called marriage value. Leasehold owners in Martlesham will usually qualify for a lease extension; however a solicitor will confirm your eligibility. In certain circumstances you may not qualify. There are also strict deadlines and formalities to comply with once the process is triggered so it’s wise to be guided by a conveyancer during the process.
Leasehold properties in Martlesham with more than 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Engaging our service will provide you better control over the value of your Martlesham leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Subsequent to lengthy discussions with the landlord of her purpose-built apartment in Martlesham, Erin started the lease extension process just as her lease was nearing the critical eighty-year mark. The transaction completed in November 2005. The freeholder’s fees were negotiated to about 650 pounds.
Mr M Morel took over the lease of a purpose-built apartment in Martlesham in July 2005. The question was if we could approximate the premium could be to prolong the lease by an additional years. Similar residencies in Martlesham with a long lease were valued around £300,000. The average amount of ground rent was £50 collected monthly. The lease termination date was on 26 January 2102. Taking into account 76 years outstanding we estimated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 not including expenses.
Mr Daniel Roux took over the lease of a one bedroom flat in Martlesham in June 1997. We are asked if we could approximate the price could be for a ninety year extension to my lease. Comparable flats in Martlesham with a long lease were valued about £257,800. The mid-range amount of ground rent was £65 invoiced per annum. The lease termination date was on 12 June 2091. Having 65 years outstanding we approximated the compensation to the landlord to extend the lease to be within £18,100 and £20,800 not including professional charges.