As the the remaining lease term of a Rainham domestic lease decreases so does its value and therefore the value of your property. Where the residual term has, beyond one hundred years to run then this decrease may be negligible that being said there will become a stage when a lease has less than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary rational as to why you should extend the lease sooner as opposed to later. Most flat owners in Rainham will qualify for this right; that being said a conveyancer should be able to confirm whether you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.
Leasehold properties in Rainham with in excess of one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Halifax | |
| Nationwide Building Society |
Lease extensions in Rainham can be a difficult process. We recommend you obtain guidance from a lawyer 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 Rainham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
16 months ago Lucas, came dangerously near to the 80-year mark with the lease on his one bedroom flat in Rainham. In buying his home two decades ago, the length of the lease was of little relevance. As luck would have it, he became aware that he needed to take action soon on a lease extension. Lucas was able to extend his lease just under the wire in January. Lucas and the landlord eventually agreed on a premium of £6,000 . If he failed to meet the deadline, the amount would have gone up by a minimum £900.
Dr Lewis Petit took over the lease of a ground floor apartment in Rainham in August 2004. The question was if we could approximate the premium would be to prolong the lease by an additional years. Similar properties in Rainham with an extended lease were in the region of £208,200. The mid-range ground rent payable was £65 billed monthly. The lease finished in 2087. Taking into account 61 years left we approximated the compensation to the freeholder for the lease extension to be between £20,000 and £23,000 exclusive of professional charges.
An example of a Lease Extension decision for a Rainham premises is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case affected 1 flat. The unexpired lease term was 57.5 years.