As the length of the unexpired term of a Repton domestic lease lessens so does its value and therefore the value of your property. Where the lease has, more than one hundred years to run then this decrease may be negligible however 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 known as a marriage value. This could increase sharply the cost. It is the primary rational as to why you should consider extending sooner as opposed to later. Many flat owners in Repton will meet the qualifying criteria; that being said a lawyer can advise whether you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a residential leasehold with more than 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 residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Coventry Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Skipton Building Society |
Lease extensions in Repton can be a difficult process. We recommend you get professional help from a conveyancing solicitor 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 a wealth of experience dealing with Repton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Dexter owned a high value apartment in Repton being sold with a lease of a few days over sixty years unexpired. Dexter informally approached his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent at the outset set at £200 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Dexter to exercise his statutory right. Dexter procured expert legal guidance and secured satisfactory deal without resorting to tribunal and readily saleable.
In 2011 we were contacted by Dr Y Carter who, having moved into a ground floor apartment in Repton in October 2005. We are asked if we could approximate the price could be for a ninety year lease extension. Comparative flats in Repton with a long lease were valued about £191,000. The average amount of ground rent was £65 billed every twelve months. The lease finished in 2084. Considering the 58 years outstanding we approximated the premium to the freeholder to extend the lease to be between £23,800 and £27,400 exclusive of expenses.
In 2011 we were phoned by Mr and Mrs. I Baker who, having completed a first floor flat in Repton in May 1997. The question was if we could approximate the premium could be for a ninety year extension to my lease. Identical homes in Repton with an extended lease were worth £250,000. The average ground rent payable was £50 invoiced quarterly. The lease expiry date was on 17 January 2095. Considering the 69 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of expenses.