Niton leases on domestic deteriorating in value. Where your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease drops below this level then you begin incurring an additional element called marriage value. Flat owners in Niton will usually qualify for a lease extension; however a solicitor will confirm your eligibility. In some situations you may not be entitled. There are also strict timetables and procedures to follow once the process is triggered so it’s wise to be guided by a conveyancer during the process.
It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Coventry Building Society | |
| Leeds Building Society | |
| Skipton Building Society |
The conveyancers that we work with procure Niton lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Subsequent to unsuccessful correspondence with the landlord of her garden flat in Niton, Georgia commenced the lease extension process as the 80 year deadline was swiftly advancing. The transaction was finalised in July 2015. The freeholder’s costs were restricted to approximately 600 pounds.
In 2009 we were contacted by Dr Jason Sánchez who, having acquired a basement apartment in Niton in April 1995. The dilemma was if we could shed any light on how much (roughly) price would be to extend the lease by an additional years. Comparative flats in Niton with an extended lease were worth £243,000. The average amount of ground rent was £65 billed annually. The lease ran out on 5 March 2089. Given that there were 63 years left we calculated the compensation to the landlord for the lease extension to be between £20,000 and £23,000 not including fees.
Last Winter we were contacted by Mrs F Martinez , who purchased a studio flat in Niton in March 2003. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year extension to my lease. Comparable homes in Niton with a long lease were worth £181,600. The mid-range ground rent payable was £55 collected yearly. The lease finished on 13 July 2078. Considering the 52 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £30,400 and £35,200 exclusive of professional charges.