Roade leases on domestic deteriorating in value. Where your lease has in the region of 90 years remaining, you should start thinking about a lease extension. If lease term is under eighty years, you will then have to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Roade will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to check your eligibility. In some circumstances you may not qualify. There are prescribed timetables and procedures to comply with once the process has started so it’s best to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Coventry Building Society | |
| Halifax | |
| Santander | |
| The Mortgage Works |
Engaging our service will provide you enhanced control over the value of your Roade leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of unsuccessful discussions with the freeholder of her one bedroom apartment in Roade, Isobel started the lease extension process as the eighty year mark was rapidly approaching. The lease extension was concluded in June 2012. The freeholder’s costs were restricted to approximately five hundred GBP.
Last Christmas we were e-mailed by Dr F Miller , who purchased a garden apartment in Roade in March 2000. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by a further 90 years. Identical residencies in Roade with 100 year plus lease were valued about £275,000. The average ground rent payable was £55 billed yearly. The lease finished on 14 June 2102. Given that there were 76 years remaining we calculated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including costs.
Last Autumn we were approach by Mr and Mrs. B Evans , who took over the lease of a basement flat in Roade in January 2011. The question was if we could approximate the price would likely be for a ninety year lease extension. Similar homes in Roade with a long lease were valued around £176,200. The average ground rent payable was £65 collected per annum. The lease ended in 2082. Considering the 56 years left we approximated the compensation to the landlord to extend the lease to be within £29,500 and £34,000 not including costs.