Pangbourne leases on domestic properties are gradually losing value. if your lease has approximately 90 years remaining, you should start thinking about a lease extension. If lease term is less than 80 years, you will then be required to pay 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 extra value that a lease extension will add to the property. Flat owners in Pangbourne will usually be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to confirm your eligibility. In some situations you may not qualify. There are prescribed timetables and formalities to comply with once the process has started so it’s sensible to be guided by a lawyer during the process.
It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Godiva Mortgages | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
The conveyancing solicitors that we work with procure Pangbourne 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 lawyer we work with provide it.
In the wake of 6 months of protracted negotiations with the freeholder of her basement apartment in Pangbourne, Bethan started the lease extension process as the 80 year deadline was quickly advancing. The lease extension was finalised in September 2011. The landlord’s costs were restricted to under 450 GBP.
In 2009 we were phoned by Dr L Sharif who, having took over the lease of a ground floor apartment in Pangbourne in November 1997. We are asked if we could estimate the price could be to prolong the lease by 90 years. Comparable homes in Pangbourne with a long lease were worth £233,200. The mid-range ground rent payable was £60 billed monthly. The lease ended in 2087. Given that there were 61 years unexpired we calculated the premium to the freeholder to extend the lease to be between £22,800 and £26,400 plus legals.
Last Spring we were phoned by Dr Melissa Baker , who took over the lease of a newly refurbished apartment in Pangbourne in November 1999. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Similar premises in Pangbourne with a long lease were valued around £171,800. The mid-range ground rent payable was £55 collected quarterly. The lease came to a finish on 15 March 2076. Having 50 years unexpired we approximated the compensation to the landlord to extend the lease to be between £33,300 and £38,400 exclusive of expenses.