Oldland leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Most owners of residential leasehold property in Oldland enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Oldland you would be well advised to check if your lease has between 70 and ninety years remaining. In particular once the remaining lease term slips under eighty years, the compensation to the landlord for any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value
It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Oldland can be a difficult process. We recommend you secure 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 a wealth of experience dealing with Oldland lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to unsuccessful correspondence with the landlord of her ground floor apartment in Oldland, Lauren initiated the lease extension process just as the lease was approaching the critical 80-year mark. The transaction was concluded in July 2015. The landlord’s fees were negotiated to less than 700 pounds.
Mr and Mrs. G Petit completed a newly refurbished flat in Oldland in February 2006. The question was if we could approximate the premium would likely be for a ninety year extension to my lease. Identical premises in Oldland with an extended lease were worth £285,000. The average ground rent payable was £45 billed monthly. The lease finished in 2096. Having 71 years unexpired we approximated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 not including costs.
Last Winter we were contacted by Dr T Nelson , who was assigned a lease of a studio apartment in Oldland in January 2008. The dilemma was if we could approximate the premium could be for a 90 year extension to my lease. Comparative properties in Oldland with a long lease were in the region of £225,800. The mid-range ground rent payable was £60 collected yearly. The lease terminated on 1 September 2085. Considering the 60 years left we estimated the premium to the freeholder to extend the lease to be between £25,700 and £29,600 not including costs.