The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Raynes Park can extend the lease for a further 90 years in accordance with Leasehold Reform legislation. Please think carefully before delaying your Raynes Park lease extension. Postponing that expense now simply escalates the premium you will eventually have to pay to extend the lease.
It is generally accepted that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| Halifax | |
| National Westminster Bank | |
| The Mortgage Works | |
| Virgin |
Regardless of whether you are a tenant or a landlord in Raynes Park,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Raynes Park valuers.
Last Autumn Blake, started to get close to the eighty-year threshold with the lease on his ground floor flat in Raynes Park. Having bought his property 18 years ago, the lease term was of minimal concern. As luck would have it, it dawned on him that he needed to take steps soon on Extending the lease. Blake extended the lease just under the wire in June. Blake and the freeholder via the management company in the end agreed on a premium of £5,000 . If the lease had slid to less than eighty years, the price would have increased by a minimum £1,025.
Mr I Cook bought a newly refurbished apartment in Raynes Park in February 2003. We are asked if we could shed any light on how much (roughly) price would be for a 90 year extension to my lease. Comparative residencies in Raynes Park with a long lease were valued around £280,000. The mid-range ground rent payable was £45 collected every twelve months. The lease finished on 2 September 2096. Having 70 years outstanding we estimated the premium to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of professional charges.
An example of a Lease Extension case for a Raynes Park property is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case related to 1 flat. The number of years remaining on the existing lease(s) was 60.43 years.