The nearer a residential lease in Pattingham nears to zero years unexpired, the more it reduces the value of the property. Where the residual term has, more than one hundred years remaining then this decrease may be fractional that being said there will become a point in time when a lease has fewer than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease sooner as opposed to later. Many flat owners in Pattingham will meet the qualifying criteria; that being said a conveyancing solicitor can confirm if you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold residencies in Pattingham with in excess of one hundred years outstanding on the lease are often 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 upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| Leeds Building Society |
Lease extensions in Pattingham can be a difficult process. We recommend you get guidance from a conveyancer and valuer 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 dealing with Pattingham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
18 months ago Eliot, started to get close to the eighty-year mark with the lease on his ground floor flat in Pattingham. In buying his flat two decades ago, the lease term was of no relevance. Thankfully, he became aware that he would imminently be paying an inflated amount for Extending the lease. Eliot extended the lease at the eleventh hour last January. Eliot and the landlord who owned the flat above ultimately settled on sum of £6,000 . If the lease had fallen below 80 years, the premium would have become more costly by a minimum £1,075.
In 2010 we were approached by Dr Y Ali who, having acquired a one bedroom apartment in Pattingham in June 2010. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by an additional years. Identical flats in Pattingham with an extended lease were valued around £205,000. The average amount of ground rent was £50 collected every twelve months. The lease ran out on 21 January 2105. Having 79 years left we calculated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of expenses.
In 2010 we were approached by Mr and Mrs. W Moore who, having acquired a newly refurbished apartment in Pattingham in April 2002. We are asked if we could estimate the premium could be to prolong the lease by an additional years. Similar properties in Pattingham with an extended lease were valued around £275,000. The mid-range ground rent payable was £65 collected quarterly. The lease lapsed in 2094. Taking into account 68 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of legals.