As the the remaining lease term of a New Covent Garden domestic lease diminished so does its value and therefore the value of your property. Where the residual term has, in excess of one hundred years to run then this decrease may be negligible that being said there will become a stage when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main logic behind why you should consider extending sooner than later. The majority of flat owners in New Covent Garden will meet the qualifying criteria; nevertheless a lawyer can advise if you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold residencies in New Covent Garden with over one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Chelsea Building Society | |
| TSB | |
| The Mortgage Works | |
| Virgin |
Lease extensions in New Covent Garden can be a difficult process. We recommend you procure 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 New Covent Garden 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 William, started to get close to the 80-year mark with the lease on his two bedroom apartment in New Covent Garden. Having bought his home 19 years ago, the lease term was of no bearing. As luck would have it, it dawned on him that he needed to take steps soon on a lease extension. William was able to extend his lease just in the nick of time last July. William and the freeholder via the managing agents ultimately agreed on a premium of £5,500 . If he failed to meet the deadline, the premium would have increased by a minimum £950.
Last Autumn we were contacted by Ms C Hall , who was assigned a lease of a purpose-built apartment in New Covent Garden in June 1999. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by an additional years. Similar flats in New Covent Garden with a long lease were worth £218,000. The average ground rent payable was £45 billed per annum. The lease expired on 12 April 2089. Taking into account 63 years left we calculated the compensation to the landlord for the lease extension to be between £17,100 and £19,800 exclusive of costs.
In 2010 we were approached by Mr and Mrs. A Murphy who, having acquired a purpose-built apartment in New Covent Garden in March 2004. The dilemma was if we could estimate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparable homes in New Covent Garden with a long lease were in the region of £265,000. The average amount of ground rent was £55 billed yearly. The lease expired on 21 April 2100. Having 74 years outstanding we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus professional charges.