Newbury leases on domestic properties are gradually losing value. if your lease has approximately 90 years remaining, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you start paying an additional element called marriage value. Flat owners in Newbury will usually be legally entitled to a lease extension; however a solicitor will check if you qualify. In certain situations you may not be entitled. There are prescribed timetables and steps to follow once the process has started so it’s wise to be guided by a lawyer during the process.
It is conventional wisdom that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| Skipton Building Society | |
| The Mortgage Works |
Lease extensions in Newbury can be a difficult process. We recommend you obtain guidance 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 in-depth market knowledge procuring Newbury lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jude owned a high value apartment in Newbury on the market with a lease of a few days over 72 years outstanding. Jude informally spoke with his freeholder being a well known London-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Jude to invoke his statutory right. Jude procured expert legal guidance and was able to make an informed judgement and deal with the matter and sell the flat.
Dr W Clarke acquired a one bedroom flat in Newbury in April 2011. We are asked if we could shed any light on how much (roughly) premium could be for a ninety year extension to my lease. Similar residencies in Newbury with 100 year plus lease were worth £216,000. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease elapsed on 15 July 2084. Considering the 58 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £28,500 and £33,000 not including legals.
Mr Tyler Dupont was assigned a lease of a purpose-built apartment in Newbury in July 1999. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year extension to my lease. Identical premises in Newbury with an extended lease were in the region of £205,000. The average amount of ground rent was £50 collected every twelve months. The lease concluded on 5 November 2104. Considering the 78 years outstanding we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 not including costs.