Pyle leases on residential deteriorating in value. Where your lease has about ninety years left, you should start thinking about a lease extension. If lease term is less than eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Pyle will mostly qualify for a lease extension; however a solicitor should be able check if you qualify. In certain situations you may not qualify. There are prescribed timetables and procedures to follow once the process is initiated so it’s best to be guided by a lawyer during the process.
It is generally accepted that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Godiva Mortgages | |
| National Westminster Bank | |
| TSB | |
| Virgin |
Lease extensions in Pyle can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor with experience in this area.
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 Pyle lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Luke, came perilously near to the 80-year threshold with the lease on his basement flat in Pyle. Having bought his home 18 years ago, the lease term was of little significance. Thankfully, he became aware that he would imminently be paying an inflated amount for a lease extension. Luke was able to extend his lease at the eleventh hour in June. Luke and the landlord who owned the flat above ultimately agreed on the final figure of £6,000 . If he failed to meet the deadline, the price would have increased by a minimum £1,100.
Last Spring we were phoned by Mr and Mrs. U David , who took over the lease of a purpose-built apartment in Pyle in October 2008. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Identical homes in Pyle with a long lease were valued around £264,000. The average ground rent payable was £60 collected per annum. The lease finished on 13 July 2079. Having 53 years outstanding we approximated the compensation to the landlord to extend the lease to be between £37,100 and £42,800 plus professional charges.
In 2014 we were approached by Mrs Emily Collins who, having owned a garden flat in Pyle in May 2004. We are asked if we could estimate the price would likely be for a ninety year lease extension. Comparative homes in Pyle with 100 year plus lease were worth £225,400. The average amount of ground rent was £45 collected annually. The lease ran out on 15 July 2090. Taking into account 64 years left we approximated the premium to the freeholder to extend the lease to be within £16,200 and £18,600 not including professional charges.