Rendlesham leases on domestic deteriorating in value. if your lease has in the region of ninety years remaining, you should start considering the need for a lease extension. If lease term is under 80 years, you will then have to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Rendlesham will usually qualify for a lease extension; however It would be wise to check with a lawyer to confirm if you qualify. In some circumstances you may not be entitled. There are also strict deadlines and steps to comply with once the process has started so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold properties in Rendlesham with in excess of one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Coventry Building Society | |
| TSB | |
| The Mortgage Works | |
| Yorkshire Building Society |
The conveyancing solicitors that we work with undertake Rendlesham 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 conveyancing solicitor we work with provide it.
In 2014 Mason, came very near to the 80-year mark with the lease on his ground floor apartment in Rendlesham. Having purchased his property two decades ago, the unexpired term was of no bearing. Fortunately, he recognised he needed to take action soon on Extending the lease. Mason was able to extend his lease just under the wire last May. Mason and the landlord subsequently settled on the final figure of £6,000 . If the lease had slipped lower than eighty years, the sum would have increased by at least £1,125.
Last month we were e-mailed by Mr and Mrs. Y Ali , who acquired a recently refurbished apartment in Rendlesham in May 2001. The question was if we could estimate the compensation to the landlord would be to extend the lease by ninety years. Similar flats in Rendlesham with 100 year plus lease were in the region of £240,600. The mid-range ground rent payable was £60 invoiced annually. The lease concluded in 2088. Given that there were 62 years remaining we calculated the compensation to the landlord for the lease extension to be within £21,900 and £25,200 not including expenses.
In 2013 we were e-mailed by Mrs G Vincent who, having moved into a purpose-built flat in Rendlesham in November 2010. We are asked if we could shed any light on how much (roughly) premium would be for a 90 year extension to my lease. Comparable flats in Rendlesham with an extended lease were worth £174,200. The average amount of ground rent was £55 billed monthly. The lease lapsed on 16 January 2077. Having 51 years left we approximated the compensation to the landlord for the lease extension to be within £31,400 and £36,200 exclusive of legals.