Unfortunately that a Overton residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the loss of value being disguised by increases in the Overton property market.Once your lease nears 85ish years, you should start considering a lease extension. If lease term dips below eighty years, you will end up paying half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property Most leasehold owners in Overton will be able to extend under the legislation; however a conveyancer should be able to clarify if you are eligibility. In some cases you may not qualify. There are also strict timeframes and procedures to follow once the process is instigated and you will need to be guided by your conveyancer from beginning to end of the formalities.
Leasehold properties in Overton with in excess of one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| National Westminster Bank | |
| Santander | |
| TSB | |
| Virgin |
Regardless of whether you are a tenant or a freeholder in Overton,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Overton valuers.
Subsequent to protracted correspondence with the landlord of her studio apartment in Overton, Hannah started the lease extension process as the eighty year mark was quickly nearing. The legal work completed in September 2012. The landlord’s charges were kept to an absolute minimum.
In 2014 we were approached by Mr Y Leroy who, having took over the lease of a one bedroom apartment in Overton in April 1997. We are asked if we could approximate the compensation to the landlord would be for a ninety year lease extension. Comparative homes in Overton with an extended lease were in the region of £200,000. The mid-range ground rent payable was £50 collected annually. The lease finished in 2103. Having 77 years left we estimated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of fees.
Last March we were phoned by Mr and Mrs. U Adams , who completed a one bedroom flat in Overton in July 1996. The dilemma was if we could estimate the premium would likely be to extend the lease by a further 90 years. Comparable residencies in Overton with a long lease were worth £267,600. The mid-range amount of ground rent was £65 billed quarterly. The lease lapsed in 2093. Taking into account 67 years left we estimated the compensation to the freeholder to extend the lease to be between £14,300 and £16,400 not including fees.